ECB expects acceleration of digital euro implementation thanks to Trump's plan.
ECB hopes to expedite legislative approval of digital euro with Trump's support
European Central Bank (ECB) representative Piero Cipollone stated that U.S. President Donald Trump's plan for dollar-backed cryptocurrencies will help accelerate the legislative process for the digital euro. Cipollone mentioned this in a comment to Reuters.
The draft law for the digital euro was proposed back in June 2023, but significant progress in its approval has not been made yet. One of the main reasons is skepticism from bankers and lawmakers.
Cipollone emphasized that Trump's support for stable dollar-backed cryptocurrencies available worldwide will bring a new payment instrument from the U.S. and contribute to the acceleration of the digital currency implementation process.
He hopes that the European Parliament and the EU Council will complete work on the legislation regarding digital currency by summer. After that, lawmakers will be able to negotiate with the European Commission with the aim of approving it by November 2025, when voting on the digital currency is scheduled.
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