European Central Bank (ECB) executive board member Piero Cipollone reportedly reiterated calls for EU banks to introduce a digital euro after US President Donald Trump signed an executive order potentially impacting stablecoins.
According to a Jan. 24 Reuters report, Cipollone <a href="https://www.reuters.com/technology/ecb-pitches-digital-euro-response-trumps-crypto-push-2025-01-24/" rel="noopener noreferrer nofollow" target="null">said</a> Trump’s executive order on “strengthening American leadership in digital financial technology” could potentially cause residents to move away from financial institutions in favor of digital solutions. The executive order signed on Jan. 23 could <a href="https://cointelegraph.com/news/trump-signs-executive-order-working-group-crypto" rel="noopener noreferrer nofollow" target="null">establish a working group</a> to study a regulatory framework for stablecoins and promote “legitimate dollar-backed stablecoins worldwide.”
“I guess the key word here is worldwide,” said Cipollone, according to Reuters. “This solution, you all know, further disintermediates banks as they lose fees, they lose clients [...] That’s why we need a digital euro.”<iframe width="100%" height="315" src="https://www.youtube.com/embed/fdPmjHtQ5aM?start=" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen loading="lazy" sandbox="allow-scripts allow-same-origin allow-popups allow-forms"></iframe>
Cipollone has been one of the ECB’s more vocal proponents for <a href="https://cointelegraph.com/news/ecb-unified-blockchain-ledger-digital-assets-europe" rel="noopener noreferrer nofollow" target="null">introducing a digital euro</a> as the central bank studies a potential rollout. The digital currency project is currently in the preparation phase, expected to be followed by a decision on whether to launch in October 2025.
Related: <a href="https://cointelegraph.com/news/ecb-digital-euro-progress-report" rel="noopener noreferrer nofollow" target="_self">Digital euro preparation continues as holding limit, privacy debated</a>
<h2 id="white-house-goes-large-on-crypto-in-first-week">White House goes large on crypto in first week</h2>
It’s unclear whether all aspects of Trump’s executive order will go into effect, as many of his orders since taking office on Jan. 20 face multiple lawsuits questioning their legality. In addition to promoting stablecoins, the executive order could also prohibit a US central bank digital currency (CBDC) and have the working group study the potential creation and maintenance of a national crypto stockpile.
Notably, Trump’s executive order, if enacted as written, would exclude officials from the Federal Reserve and Federal Deposit Insurance Corporation from joining the working group on crypto. Custodia Bank founder and CEO Caitlin Long <a href="https://cointelegraph.com/news/trump-executive-order-excludes-fed-fdic-crypto-working-group" rel="noopener noreferrer nofollow" target="_self">claimed the departments were frozen out</a> due to allegations they attempted to debank crypto firms under the Biden administration.&nbsp;
In his first week as US president, Trump pardoned Silk Road founder Ross Ulbricht and nominated Paul Atkins to head the Securities and Exchange Commission. He also <a href="https://cointelegraph.com/news/donald-trump-davos-world-capital-ai-crypto" rel="noopener noreferrer nofollow" target="_blank">made a virtual appearance</a> at the World Economic Forum, claiming the US would become the “world capital of artificial intelligence and crypto.”
Magazine: <a href="https://cointelegraph.com/magazine/illicit-marketplace-stablecoin-sony-memecoin-asia-express/" rel="noopener noreferrer nofollow" target="_self">Stablecoin for cyber-scammers launches, Sony L2 drama: Asia Express</a>

ECB member doubles down on digital euro after Trump’s crypto EO: Report

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Andre artikler publisert på 24. jan. 2025

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