ECB President Calls for European Digital Asset Market Development

European Central Bank (ECB) President Pierro Cipollone emphasized the importance of establishing a robust digital asset market within Europe to bolster financial stability. He voiced his support for utilizing a digital euro in everyday transactions and warned against a potential shift of deposits towards foreign tokens, as such action could pose challenges for banks and monetary policy. While acknowledging that stablecoins can facilitate seamless cross-border payments, Cipollone highlighted the existing efficiency and security of central bank fund transfer services within Europe.