AI Summary
- The European Central Bank has called for a digital Euro token to be created as the US embraces stablecoins and crypto.
- A digital Euro would be created to compete against US-backed cryptocurrencies, offering a digital, secure alternative for payment solutions.
- Reports suggest a decision on a Euro-backed digital token could be finalized within 2025 in a race against American crypto adoption. .
- In the Philippines, Hedera Hashragph (HBAR), a leading US-based blockchain network, is being used to facilitate the creation of PHPX, a Fillipine stablecoin pegged to the Philippine Peso. The stablecoin will be used by Filippino banking groups and institutions to create various avenues for digital payments and improve the peso’s digital presence which may bring more interest in the Peso on a global level.
The European Central Bank has called for a digital Euro token to be created as the US embraces stablecoins and crypto.
A digital Euro would be created to compete against US-backed cryptocurrencies, offering a digital, secure alternative for payment solutions.
Reports suggest a decision on a Euro-backed digital token could be finalized within 2025 in a race against American crypto adoption.
European Central Bank to create digital euro
As interest in stablecoins and cryptocurrencies rises in the US, Europe is looking for ways to compete with growing interest in the US crypto industry.
After Trump declared that a CBDC would not be created and instead, the US gov would focus on growing the crypto industry including the foundation of a US Digital Asset Stockpile, governments may switch to utilizing stablecoins.
For Europe, the European Central Bank’s digital Euro may be used to facilitate international digital payments.
According to Piero Cipollone, a member of the European Central Bank, a digital euro would help “preserve the role of public money” and strengthen Europe’s “autonomy” and resilience.
From European Central Bank (ECB) :
This second report presents the progress made on the development of a digital euro scheme rulebook and our expanded engagement with market stakeholders on how the digital euro will fit in the payments ecosystem
Most importantly, it would chart the way towards preserving the role of public money and people’s freedom to pay with it, while strengthening our collective resilience and autonomy
At a recent conference in Frankfurt, Cipollone referenced Trump’s attraction to crypto and stablecoins and said Europe ended its own digital token for a competitive edge.
I guess the key word here is worldwide. This solution, you all know, further disintermediates banks as they lose fees, they lose clients…That’s why we need a digital euro.”
Crypto stablecoins on the rise
In the Philippines, Hedera Hashragph (HBAR), a leading US-based blockchain network, is being used to facilitate the creation of PHPX, a Fillipine stablecoin pegged to the Philippine Peso.
The stablecoin will be used by Filippino banking groups and institutions to create various avenues for digital payments and improve the peso’s digital presence which may bring more interest in the Peso on a global level.
According to UBX, a leading Philippino banking group, the PHPX stablecoin would be used to facilitate cross-border payments and boost the presence of the Philippine Peso.
