The European Central Bank (ECB) is ready to officially launch the preparation phase for the digital euro. The time frame is set by Europe – 1 November 2025!
Speaking to Reuters on 6 February 2025, ECB executive board member Piero Cipollone said that Trump’s support for globally available stablecoins tied to the dollar would help create yet another US-made payment tool and added urgency to the digital euro project.
Furthermore, Cipollone said that the spread of US stablecoins as a means of payment was worrisome because it threatened to divert deposits away from European banks.
“If people in Europe start to use stablecoins to pay, given that most of them are American and dollar-based, they will be transferring their deposits from Europe to the US,” he said.
The European Central Bank (ECB) argues that Trump’s desire for $ #stablecoins to proliferate internationally is a threat
To everyday € payments
Hence, ECB desire for urgent digital euro CBDC (legislation)
A false argument. Here’s why:https://t.co/ld4jtwkGKc
— Ledger Insights (@LedgerInsights) February 6, 2025
Explore: European Central Bank Advances Digital Euro Initiative With Strategic Milestones
CBDC Timeline In Europe
The multi-year central bank digital currency (CBDC) project was announced in October 2023 in Europe.
“The political world is becoming more alert to this,” Cipollone said. “And it’s possible that we will see an acceleration in the process.”
Furthermore, EU lawmakers said that Parliament may at best have a report ready by the summer regarding CBDC project progress.
However, everyone may not be on the same page.
Europe’s French Member of Parliament (MEP), Sarah Knafo, voiced strong support for Bitcoin while opposing the European Union’s plans for a digital euro.
“Yes to a strategic national reserve of Bitcoin,” she insisted.
During a parliamentary session on 16 December 2024, Knafo expressed skepticism about the digital euro project, arguing that it could undermine individual financial autonomy and lead to excessive state control over personal finances.
The MEP emphasized that Bitcoin represents a decentralized alternative that aligns with principles of freedom and transparency.
Explore: European MP Advocates For Bitcoin Reserve, Opposes EU Digital Euro In Parliament
ECB President Doesn’t See Bitcoin Becoming Part Of Reserves
Current ECB President Christine Lagarde told reporters on 30 January 2025 that the European Council believed that central banks’ reserves should be “liquid, secure, and safe,” which implied that Bitcoin would not be one of them.
Meanwhile, since Donald Trump’s victory, the crypto world is holding its breath for a Bitcoin Reserve.
Senator Cynthia Lummis from Wyoming is ramping up support to turn part of the US Treasury’s gold into Bitcoin to form a strategic reserve.
States like Texas, Illinois, Utah are competing to become the first state to establish a Bitcoin reserve.
Explore: How Is US Bitcoin Reserve Shaping Up In Trump’s America?
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