{"id":124815,"date":"2025-03-11T06:15:55","date_gmt":"2025-03-11T06:15:55","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=124815"},"modified":"2025-03-11T06:15:55","modified_gmt":"2025-03-11T06:15:55","slug":"trump-crypto-push-could-hurt-europes-financial-stability-top-eu-official","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=124815","title":{"rendered":"Trump crypto push could hurt Europe\u2019s financial stability: Top EU official"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsFinance officials in the European Union are concerned US President Donald Trump\u2019s embrace of digital assets could affect Europe\u2019s monetary sovereignty and financial stability.<br \/>\n\u201cThe US administration is favorable toward cryptocurrencies and especially dollar-denominated stablecoins, which may raise certain concerns in Europe,\u201d European Stability Mechanism (ESM) managing director Pierre Gramegna said at a Eurogroup press conference on March 10.\u00a0<br \/>\nGramegna cautioned that the US crypto pivot \u201ccould eventually reignite foreign and US tech giants\u2019 plans to launch mass payment solutions based on dollar-denominated stablecoin,\u201d adding, \u201cAnd if this were to be successful, it could affect the euro area\u2019s monetary sovereignty and financial stability.\u201d\u00a0\u00a0<br \/>\nThe ESM \u201csupports the ECB\u2019s urgency in making the digital euro a reality to safeguard Europe\u2019s strategic autonomy \u2014 this digital euro is today more necessary than ever,\u201d he added.<br \/>\nThe ESM is an intergovernmental organization established by member states of the euro area, helping countries overcome financial crises and maintain long-term financial stability and prosperity.<br \/>\nPierre Gramegna speaking on US crypto threat. Source: YouTube\u201cPolicy developments in other jurisdictions can have important consequences for us here in Europe,\u201d concurred Irish finance minister Paschal Donohoe.\u00a0<br \/>\n\u201cThese discussions are fundamentally linked to our own autonomy and to the resilience of our currency,\u201d he added, stating that a European central bank digital currency (CBDC) was now critical to staying ahead of the curve.<br \/>\nIn February, the European Central Bank said it was expanding the development of its CBDC payment system to settle transactions between institutions. The ECB has been exploring CBDCs since 2020, including a consumer-facing retail digital euro and wholesale cross-border settlement between central banks.<br \/>\nMeanwhile, Trump has spoken out against a Federal Reserve CBDC, signing an executive order in January to establish a crypto working group while prohibiting the \u201cestablishment, issuance, circulation, and use\u201d of a US CBDC.\u00a0<br \/>\nRelated: Crypto academics slam controversial ECB paper blasting Bitcoin<br \/>\nThe ECB has also rejected the idea of adding Bitcoin (BTC) to its monetary reserves or allowing other European central banks to do so.\u00a0<br \/>\nIn late January, ECB President Christine Lagarde said that the reserves of central banks have to be \u201cliquid, secure and safe,\u201d implying that they would not include crypto assets.\u00a0<br \/>\nShe added that she was \u201cconfident\u201d that Bitcoin would not enter the reserves of banks under the European Council.\u00a0<br \/>\nMagazine: Bitcoin\u2019s odds of June highs, SOL\u2019s $485M outflows, and more: Hodler\u2019s Digest<a href=\"https:\/\/cointelegraph.com\/news\/trump-support-crypto-hurt-europe-monetary-autonomy-top-eu-official?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsFinance officials in the European Union are concerned US President Donald Trump\u2019s embrace of digital assets could affect Europe\u2019s monetary sovereignty and financial stability. \u201cThe US administration is&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124815"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=124815"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124815\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=124815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=124815"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=124815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}