A modern euros could cure President Donald Trump’s anti-central banks digital currency —or CBDC—agenda, a head of the European Central Bank has said. &nbsp,

According to a Friday statement from , European Central Bank executive committee member Piero Cipollone stated at a meeting that Europe “needs” a modern euros to store Trump’s plans for stablecoins.

The ECB hit department confirmed the remarks to , and said that the banks was “experimenting with various technologies—both centralized and decentralized—in the development of a modern euro”.

A National Working Group on Digital Asset Markets was officially established by President Donald Trump on Thursday with his first crypto professional purchase. &nbsp,

The president stated in the order that the goal is to promote the “development and growth of constitutional and reputable dollar-backed stablecoins worldwide.”

His Thursday executive order even prohibited” the creation, release, flow, and use of a CBDC within the jurisdiction of the United States”.

Stablecoins are online currencies, issued by corporations, that are backed by property such as treasuries, dollars, or silver. Cyber traders generally use them to enter and exit transactions without using a conventional banking system. &nbsp,

Authorities have been paying close attention to this area of the links, and some politicians have issued cautionary statements. &nbsp,

Cipollone was quoted as saying that Trump’s decision to ban stablecoins could injure banks as customers transition to using them. ” That’s why we need a modern euro”, he said. &nbsp,

The central banks of Europe has long worked on creating a digital money. Christine Lagarde, president of the EECB, stated in 2020 that for a currency could “provide an alternative to personal electronic currencies” in addition to traditional cash.

CBDCs are modern digital currencies that a central banks controls. They are unique to online resources like Bitcoin and Ethereum, which are decentralized. However, there have long been concerns that a CBDC may give the government excessive control over their investing. &nbsp,

And in his plan, Trump pledged to support the blockchain community by not permitting the deployment of a CBDC in the US, calling the technology a “dangerous threat to freedom.”

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