ECB Director: Digital Euro will be a response to Trump's push for cryptocurrency

Odaily News Piero Cipollone, a member of the European Central Bank (ECB), said that US President Trump’s move to promote the development of dollar stablecoins further highlights the need to launch a digital euro. Trump recently signed an executive order promising to "promote the development of legal dollar stablecoins worldwide", which may lead to the loss of bank customers and reduced fees.
Cipollone emphasized at the Frankfurt conference that the digital euro will be run as an online wallet guaranteed by the ECB and operated by banks and other institutions, allowing users without bank accounts to make payments, but the holding amount may be limited and interest-free. Currently, the eurozone central bank is testing the feasibility of the digital euro, and the final decision needs to wait for the relevant legislation of the European Parliament to be passed. (Reuters)