“Ex-ECB Board Member Lorenzo Bini Smaghi Warned the Eu’s Slow Roll-Out of Europe Stablecoins Could Cede Control To Dollar-Backed Tokens.”, – WRITE: www.coindesk.com
Former European Central Bank Board Member and Chair of Société Générale, Lorenzo Bini Smaghi, HAS SAID THAT The IMBANCE COURld Sideline Europe.
Writing in the Financial Times, Bini Smaghi Noted that the European Union Already Has The Markets in Crypto-Assets Bonds.
The Bloc Also Runs A Pilot Regime for Trading on Distributed Ledgers. Yet the Euro Barely Features in Today’s Stablecoin Market Because Banks and Policymakers SHY Away from the New Technology, He Wrote.
Société Générale, It’s Worth Adding, Launched ITS OWN EURO-Backed Stablecoin Back in 2023. Last Month, It ALSO LAUNCHED A US DOLLAR-Backed One.
He Says the Hesitation Risks European Monetary Sovereignty. If Consumers and Companies Adpt Dollar StableCoins for EveryDay Payments and Savings, Deposits Could Drain Drain from Europe-Arenks to US-Linked Platforms.
That shift wound ecb’s Grip on Money Flows and Blunt It Ability to Steer Rates or Calm Markets, Bini Smaghi Added. He argued that regulators should Lean in, not Block Progress.
By Sponsoring Europe-PEGGED TOKENS AND COODINATING STANDARDS, The ECB Could Modernize Cross-Border Payments and Help Unify Europe Capital Markets.
Should Europe Stay on the Sidelines, “It will be Accepting ITS Marginalization in the Future of Global Finance,” He Wrote.
