The European Central Bank (ECB) announced that it has accelerated its work on the Blockchain -based digital euro project. This initiative is regarded as the expansion of fixed digital assets indexed to foreign currencies and to reduce dependence on US -based payment companies. ECB said it aims to strengthen Europe’s control over the financial system with the digital euro.
Financial independence efforts
Speaking at the conference, the Chief Economist Philip Lane said that the digital Euro application will maintain the impact of the regional currency by preventing the use of foreign currency stablecoin assets in the European region. Lane emphasized that this initiative will play an important role in ensuring financial independence and reducing dependence on external independence.
According to the ECB, the digital euro has become a necessity, especially considering the increasing use of fixed digital assets, especially supported by US dollars. However, in the implementation of the project, the expectation of developments in the European Union legislation led to a delay of the process. There are different opinions about the process between regulatory institutions and relevant stakeholders.
Transformation in payment systems
ECB officials said that the digital euro will increase the cooperation in the field of individual payment and facilitate integration between banks and payment service providers. The introduction of this system can also reduce the disintegration of payment systems between different countries. The digital euro is seen as a more reliable alternative because it will be issued by the central authority.
Philip R. Lane expressed his views on digital euro as follows:
“The digital euro is not only aimed at adapting to the digital age, but also a matter of claiming Europe’s money and financial fate.” – Philip R. Lane
Increased geopolitical tensions have also increased concerns about the effects of US financial policies on the European economy. ECB President Christine Lagarde called on legislative bodies to accelerate individual and institutional digital euro initiatives. European executives say that currencies can weaken in international balance due to the US support for the US -based stablecoins.
This news offers information about the potential effects of the digital Euro project in terms of international financial regulations and cooperation processes. Readers can follow the developments closely and evaluate how new payment systems can be reflected in economic structures.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
