Supporters believe that the adoption of a block available for the public will support the use of the euro, while criticisms warn against the risk of confidentiality and expose transactions to the legal audit.
European officials rush to manage digital plans in euros after the capital, Washington, issued a law on stable currencies; Many in Brussels consider it a threat to the ability of the European currency unified to competition. Sources close to the talks told the Financial Times that this change had started after the United States approved the law on advice and the consolidation of the national innovation of American coins (Genus Act), where those responsible have rushed to study the European structuring of the project since then.
Breaking: EU plans to manage the digital euro on a public blockchain like Solana or Ethereum Ratter that the concept on competitors – by FT Sources pic.twitter.com/wthl040bvd
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A rapid American response to the pressures of CRIPTO and the European Union accelerate its plans
President Donald Trump signed in July the genus Law, which establishes the first integrated bases for the stable currency market of 288 billion dollars, and the law provides for the issue of exporters to support the currencies linked to dollars with full active reserves, in addition to reaching the conditions of license and adhesion to standards of strict declarations.
Supporters argue that this framework improves consumer protection and leaves room for innovation, a unique balance that the legislators have suffered to achieve, and this surprising stage of Washington aroused tensions in European legislative circles which followed a more cautious approach to work on its project.
Opposite
Managers are currently competing for the launch of the digital Euro on public blockchain – like Ethereum Blockchain or Solana Blockchain – instead of the basic plan for a special distributor of the European Central Bank; Supporters believe that open blockchain can allow the euro to be moved more widely, while criticism warns against legal stress transactions on public networks and confidentiality problems.
Supporters believe that the blockchain will expand the arrival of the euro outside the borders of Europe
The European Central Bank began to study the idea of the digital euro in October 2021, and the project has been considered since then as a digital currency of the Central Bank which combines paper and adaptation to digital economic transformation, as well as guaranteeing the permanent arrival of Europeans of Central Bank funds and dependence on dependence on foreign suppliers for payment services; International bank card networks take place most payments in the European region, while non -European companies dominate 68 to 72% of the volume of transactions.
European officials are afraid of their slowdown – the domination of the American framework capable of attracting global demand to currencies linked to American dollars; What will gradually weaken the Euro contribution to international payment operations.
In addition, the design of currency has a geopolitical weight; A special system supervised by the European Central Bank can be adopted in a similar way to the treatment of the Chinese Central Bank, which is seriously seized with the Digital Yuan, while the euro depends on the public network of the model for which private companies are promoted in the United States.
Consequently, some legislators argue that the launch of the digital euro on a public blockchain will expand its arrival outside the borders of Europe, while others fear the dangers that Europe has long tried to contain, and the two options remain on the table at the moment, but the surprise decision of Washington has added a sense of the need to demand these discussions currently.
The postal report: The European Union plans to use Solana or Bluechen Ethereum Blocchain blockchain to issue digital euros with increased pressure due to American law on stable currencies appeared first on Arab Cryptonews.
