A digital euro could remedy President Donald Trump’s anti-central bank digital currency—or CBDC—agenda, a leader of the European Central Bank has said. 

European Central Bank executive board member Piero Cipollone told a conference that Europe “needs” a digital euro to counter Trump’s plans for stablecoins, according to a Friday report from Reuters.

The ECB press office confirmed the comments to Decrypt, and said that the bank was “experimenting with different technologies—both centralized and decentralized—in the development of a digital euro.”

President Donald Trump on Thursday signed his first crypto executive order, formally establishing a Presidential Working Group on Digital Asset Markets. 

As part of the order, the president said that to protect the sovereignty of the dollar by promoting the “development and growth of lawful and legitimate dollar-backed stablecoins worldwide.” 

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Author: Mathew Di Salvo