One part of the European Central Bank (ECB) board believes that President Donald Trump’s support for crypto and stablecoins could speed up the development of a European central bank digital money, or CBDC.
Piero Cipollone, a part of the ECB committee, said in an interview with that he “hoped” the European Union’s Parliament and Council would be able to finish the work on modern euro regulations by the end of the summer of 2025, allowing the laws to be finalized in November.
Cipollone told the news outlet,” The political world is becoming more aware of this.” ” And it’s possible that the process will accelerate.”
He added:” Democratic operations are complicated, and there are many things on the table”.
The rise of U.S. stablecoins as a form of payment was “worrisome,” Cipollone said, because it ran the risk of delving into Western banks ‘ payments. For instance, a European consumer might choose to keep money in a cryptocurrency like Tether’s USDT or Circle’s USDC rather than in a bank accounts run by a European banks.
The declaration comes after the Trump administration hits the ground running with pro-stablecoin plans. Trump vowed in a new executive order to “protect and advertise the sovereignty of the US dollar” by taking “actions to promote the development and growth of valid and genuine dollar-backed stablecoins worldwide.”
On Wednesday, Sen. Bill Hagerty, R-Tenn., estimates that the proposed GENIUS Act, which would provide U. S. stablecoin issuers a powerful legal framework, may get passed within 100 days.
The ECB’s Cipollone is already a known critique of U. S. supremacy in financial services, arguing in a previous ECB statement that Western countries ‘ rely on Visa and Mastercard sites, instead of their payment methods, was a bad.
Since 2021, the northern bank of Europe has been creating a central bank digital money. The project’s planning phase is scheduled to end in November 2025, the earliest feasible start for a possible test rollout.
Irrespective of Trump’s position on stablecoins, common social acceptance of a modern euros is not guaranteed.
Sarah Knafo, a European member of the European Parliament, said,” No to the modern euro, well to a proper Bitcoin reserve”, in a statement posted on X, previously Twitter, in December. However, Jörg Meuthen, a German part of the European Parliament, accused the ECB of ultimately aiming for a digital world in an appointment with Politico.
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