The Minister said that stabilcoins attached to the US dollar have become an attractive tool for cross -border payments that allow residents of the European Union to make financial transactions, bypassing the European banking system and banking accounts in US dollars.
Georgetti criticized the EU payment industry, due to which local crypto service providers are inferior to foreign competitors. The minister sees in dollar stabiblcoins a threat to financial independence of Europe – especially in conditions when the euro is used only in 19% of world reserves, while about 60% is per dollar.
The official supported the project of the European Central Bank (ECB) to create digital euros. The minister believes that this will strengthen the role of the euro in the international arena and can reduce European dependence on foreign payment decisions.
The position of the minister is shared by the chief economist of the ECB Filip Lane. He stated that European dependence on American payment companies, such as PayPal or Apple Pay, and stablecoins tied to the US dollar can weaken the dominance of the euro as the main reserve currency of the continent.
Source: Bits
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