How the EU’s Digital Euro Plan Could Hand Power to the US
European banks and lawmakers are challenging the Digital Euro plan, fearing it will undermine private payment systems and potentially benefit US financial interests.Summary
Fourteen major European banks, including Deutsche Bank and ING, are opposing the European Central Bank's (ECB) Digital Euro initiative, arguing it duplicates existing private efforts like the Wero network and risks disrupting progress toward a unified European payments system. Policymakers are also questioning the project, suggesting a scaled-back, offline-only version might be preferable to avoid competing with commercial networks. Furthermore, the EU's Markets in Crypto-Assets (MiCA) framework may inadvertently empower US financial dominance. MiCA requires EU issuers to redeem stablecoins at par without fees, while US rules allow issuers to charge fees, potentially channeling redemption pressure onto EU entities during crises and reinforcing the global dominance of dollar-backed stablecoins.
(Source：BeInCrypto)