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The Daily Hodl 2025-01-25 17:55:08

European Central Bank Pushing for Digital Euro To Counter Trump’s Support for Stablecoins: Report

The European Union’s central bank is reportedly pushing for a digital euro to counter US President Donald Trump’s embrace of dollar-pegged private sector stablecoins. European Central Bank (ECB) board member Piero Cipollone said at a conference on Friday that Trump’s new executive order on crypto could drive people away from banks, Reuters reports . “I guess the key word here (in Trump’s executive order) is worldwide. This solution, you all know, further disintermediates banks as they lose fees, they lose clients… That’s why we need a digital euro.” Earlier this week, President Donald Trump signed an executive order to evaluate the creation of a strategic national Bitcoin ( BTC ) and crypto stockpile. The order also calls for the government to “promote the development and growth of lawful and legitimate” dollar-pegged stablecoins created in the private sector. It further mandates that federal agencies halt any actions related to the development of a government-backed digital version of the dollar, otherwise known as a central bank digital currency (CBDC). The administration’s new leadership at the U.S. Securities and Exchange Commission (SEC) also rescinded Staff Accounting Bulletin 121, a controversial rule that forced banks to identify crypto assets held on behalf of their customers as liabilities on their balance sheets. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post European Central Bank Pushing for Digital Euro To Counter Trump’s Support for Stablecoins: Report appeared first on The Daily Hodl .