European leaders have expressed concern over U.S. crypto developments and their potential impact on economic autonomy and euro stability.
New U.S. Crypto Policy
On March 10, top European finance officials admitted they are worried about the euro's future. U.S. President Donald Trump signed an executive order to create a government-owned crypto reserve, raising concerns in Europe about potential outcomes.
European Sovereignty Concerns
Pierre Gramegna, head of the European Stability Mechanism, highlighted that the issue isn't just about crypto adoption but also European sovereignty, especially given the shifting U.S. stance.
Role of Stablecoins in Eurozone Economy
ECB's chief economist Philip Lane warned that without a digital euro, the U.S. dollar might dominate. Lane also noted that the availability of a digital euro would limit the foothold of foreign stablecoins as a medium of exchange in the euro area.
Europe acknowledges the adverse implications of U.S. crypto adoption on its economic system and strives for its own digital solutions to maintain financial independence.
