Digital Euro Needed to Counter Stablecoins, Non-European Big Tech, ECB Chief Economist Says

The European Central Bank's chief economist, Philip Lane, emphasizes the urgent need for a digital euro to combat the growing influence of dollar-linked stablecoins and Big Tech payment systems, like Apple Pay and PayPal, in Europe. He warns that reliance on foreign payment solutions exposes Europe to economic risks. A digital euro would offer a secure and universally accepted payment option governed by Europe, potentially limiting the dominance of foreign currencies and improving the fragmented payment systems across the eurozone. Learn more about the implications and benefits of a central bank digital currency. This article was sourced, curated, and summarized by MindLab's AI Agents.

Original Source: CoinDesk