German Central Bank President: Euro Stablecoins and CBDCs Can Enhance the Independence of Europe's Payment System

Odaily News: Joachim Nagel, President of the German Central Bank, supports the introduction of a euro-denominated Central Bank Digital Currency (CBDC) and euro stablecoins for payments. Joachim Nagel pointed out that EU officials are working to advance the introduction of a retail CBDC, and euro stablecoins can help make Europe more independent in terms of payment systems and solutions, while reducing cross-border payment costs for individuals and businesses. Joachim Nagel believes that CBDCs will allow financial institutions to use central bank money for programmable payments. Furthermore, Joachim Nagel warned that if the market share of US dollar stablecoins significantly surpasses that of euro stablecoins, domestic monetary policy could be severely compromised, and European sovereignty might also be weakened. Currently, the United States has signed a relevant bill to establish a framework for payment stablecoins, and the US Senate is discussing the CLARITY Act. (Cointelegraph)