Germany's central bank president touts stablecoin and CBDC benefits for EU

• Germany’s central bank president touts stablecoin and CBDC benefits for EU Joachim Nagel said euro-pegged stablecoins would offer the bloc more independence from US dollar-pegged coins soon to be allowed under the GENIUS Act. • Cointelegraph in your social feed Joachim Nagel, president of Germany’s central bank, the Deutsche Bundesbank, supported the introduction of a euro-pegged central bank digital currency (CBDC) and euro-denominated stablecoins for payments. • In remarks prepared for a speech at the New Year’s Reception of the American Chamber of Commerce in Frankfurt on Monday, NagelsaidEU officials were “working hard” toward the introduction of a retail CBDC. • Euro-denominated stablecoins, according to the central bank president, could also contribute to “making Europe more independent in terms of payment systems and solutions.” “Notably, a wholesale CBDC would allow financial institutions to make programmable payments in central bank money,” said Nagel. • “I also see merit in euro-denominated stablecoins, as they can be used for cross-border payments by individuals and firms at low cost.” Nagel’s remarks come months after US President Donald Trump signed a bill into lawestablishing a framework for payment stablecoinsin the country, potentially setting US dollar-pegged stablecoins on a path to challenge any possible rollout of a euro-pegged peer. • The law is expected to be fully implemented 18 months after it was signed or 120 days after related regulations are finalized.

Article Summaries:

• Joachim Nagel, president of Germany’s central bank, the Deutsche Bundesbank, supported the introduction of a euro-pegged central bank digital currency (CBDC) and euro-denominated stablecoins for payments. In remarks prepared for a speech at the New Year’s Reception of the American Chamber of Commerce in Frankfurt on Monday, Nagel said EU officials were “working hard” toward the introduction of a retail CBDC. Euro-denominated stablecoins, according to the central bank president, could also contribute to “making Europe more independent in terms of payment systems and solutions.” “Notably, a whol

Sources:

• https://cointelegraph.com/news/germany-central-bank-president-stablecoins?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound