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Europe accelerates plans make unexpected:
Under pressure from the United States, Europe accelerates on its digital euro project. Nevertheless, Worried about seeing the euro increasingly marginalized on the Stablecoins market. Nevertheless, the European Central Bank (ECB) has decided to put the bites double. Consequently, To accelerate things, Europe plans to have an unexpected turn on the initiative.
Under the leadership of Donald Trump, the United States has adopted a series of laws favorable to the cryptocurrency sector. For example, Among the measures taken by the Trump government. However, we find the Genius Act, a law that supervises stablecoins, the cryptocurrencies that are based on a fiduciary currency, such as the dollar. Therefore, In particular, it forces stablecoins issuers to comply with American laws against money laundering. Furthermore, More generally. Meanwhile, the law facilitates the issue and popularization of stablecoins based on the Dollar King, such as europe accelerates plans make unexpected the USDC or the USDT. Therefore, These currencies are already massively present in the cryptocurrency industry.
The United States’s considerable advances in digital currencies have started to arouse concern about Europe. According to the sources interviewed by the Financial Timesthe European Central Bank (ECB) fears that the Genius Act Vienne increases the domination of the dollar in the Stablecoins market. which already weighs $ 288 billion. Conversely of the dollar, the euro is still anecdotal in the world of stablecoins.
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A digital euro “rethought” in an emergency – Europe accelerates plans make unexpected
To prevent the euro from being completely distant by the US dollar. the ECB has decided to accelerate the development and deployment of its digital euro. During design for years, the digital euro is expected in the fall, and must ultimately replace the cash. Since the adoption of the Genius Act, project managers have europe accelerates plans make unexpected “Redesigned the plans for the digital euro”. They believe that a digital euro is essential to maintain the influence of the euro on the old continent.
In order to give a boost to the initiative. the thinking heads now plan to turn to a public blockchainlike Ethereum or Solana, instead of a private blockchain. Initially, the ECB wanted to opt for a private blockchain, which was not open to everyone. The first tests carried out. with different banks in Europe, were also based on a chain of private blocks, like Quorum or Prosperus.
To read also: What do European candidates think about cryptocurrencies and digital Euro?
The advantage of a public blockchain for the digital euro
The officials then put forward confidentiality problems potential of. a public blockchain. On a public network, all transactions are indeed visible by everyone. Deployed on the Ethereum or Solana blockchain, the digital euro could europe accelerates plans make unexpected however benefit from a greater perspective of adoption worldwide. These blockchains are already used by millions of users, applications and exchange platforms.
In theory, the digital euro could be interoperable with all these solutions. He could circulate Between portfolios, the applications of the DEFI (decentralized finance), NFT sales marketplaces, or even payment platforms. Thread by needle. the digital euro could make a place of choice on the Stablecoins market, faced with competitors based on the dollar.
As Piero Cipollone, member of the ECB, said “Europe cannot afford to remain dependent on foreign payment solutions”. Questioned by the Financial Timesthe ECB therefore affirms that she is interested “At different technologies – both centralized. decentralized – in the development of the digital euro, including blockchain technologies”.
Like Europe. China accelerates on digital currency
In mirror of Europe, China has also accelerated its Central Bank digital currency project. Following the adoption of europe accelerates plans make unexpected the Genius Act in the United States, Chinese power intends to deploy stablecoins backed by Yuan. Again, the project aims to thwart King Dollar’s monopoly on the digital currency market.
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Source : Financial Times
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