#ultimahora High EU official: Trump's push for cryptocurrencies could harm Europe's financial stability

European Union finance officials are concerned that Trump's acceptance of cryptocurrencies could affect Europe's monetary sovereignty.

European Union finance officials are worried that U.S. President Donald Trump's acceptance of digital assets may impact monetary sovereignty and financial stability in Europe.

"The U.S. administration is favorable to cryptocurrencies and, in particular, to dollar-denominated stablecoins, which may raise some concerns in Europe," said Pierre Gramegna, Managing Director of the European Stability Mechanism (ESM), at a Eurogroup press conference held on March 10.

Gramegna warned that the U.S. shift toward cryptocurrencies "could eventually rekindle plans by foreign and U.S. tech giants to launch mass payment solutions based on dollar-denominated stablecoins," adding: "And if this were to succeed, it could affect the monetary sovereignty and financial stability of the eurozone."

The ESM "supports the ECB's urgency to realize the digital euro to safeguard Europe's strategic autonomy; this digital euro is more necessary today than ever," he added.

The ESM is an intergovernmental organization created by the eurozone member states to help countries overcome financial crises and maintain financial stability and long-term prosperity.