ECB supports digital euro. Donald Trump’s executive order addressing stablecoins may have some impact on people thinking about leaving big banks. Piero Cipollone a member of the European Central Bank (ECB) executive board, has reportedly renewed calls for EU banks to adopt a digital euro following US President Donald Trump’s signing of an executive order that may have implications for stablecoin.
Cipollone said Trump’s executive order
Cipollone said Trump’s executive order on “strengthening American leadership in digital financial technology” could lead residents away from financial institutions and toward digital solutions, according to a Jan. 24 Reuters report. The executive order, signed on Jan. 23, could create a working group to study a regulatory framework for stablecoins and to promote “legitimate dollar-backed stablecoins globally.”
“I suppose the operative word here is global,” Cipollone added, as Reuters reported. “This solution that you all know further disintermediates the banks because they’ll lose fees, they lose clients […] and that’s why we need a digital euro.”.
White House goes large on crypto in first week
It was not clear whether all components of Trump’s executive order would go into effect. Many of his orders since he took office on Jan 20 have been challenged in court over their legality. The executive order may prohibit a US central bank digital currency (CBDC). It could also assign a working group to explore creating and maintaining a national crypto stockpile.
ECB supports digital euro, Trump’s order would exclude
Trump’s order would exclude Federal Reserve and FDIC officials from crypto working groups if signed as written Custodia Bank CEO Caitlin Long said those departments were excluded due to misinformation that occurred during the Biden administration and labeled companies in crypto as not wanting them to interfere.
Within his first week, Trump had pardoned Silk Road creator Ross Ulbricht and nominated