<\/p>\n
Vocal opposition to the European Central Bank\u2019s (ECB) digital euro project reportedly swelled after the institution\u2019s payment system crashed last month.<\/p>\n
TARGET2 (T2), the ECB\u2019s real-time gross settlement system, went down<\/a> in late February, which prevented payments from being processed for several hours.<\/p>\n Now, some members of the European Parliament, a legislative body of the European Union (EU), are pointing to the crash as potential evidence that the ECB isn\u2019t ready to launch a digital euro, per a new report<\/a> from Reuters.<\/p>\n German MP Markus Ferber, a member of the European People\u2019s Party, says the outage was \u201ca blow to the ECB\u2019s credibility.\u201d<\/p>\n \u201cPeople will ask legitimate questions how the ECB will be able to run a digital euro when they cannot even keep their day-to-day operations running smoothly.\u201d<\/em><\/p>\n The European Union\u2019s central bank has been pushing<\/a> for a digital euro to counter US President Donald Trump\u2019s embrace of dollar-pegged private sector stablecoins.<\/p>\n ECB board member Piero Cipollone said at a conference in January that Trump\u2019s new executive order on crypto could drive people away from banks.<\/p>\n \u201cI guess the key word here (in Trump\u2019s executive order) is worldwide. This solution, you all know, further disintermediates banks as they lose fees, they lose clients\u2026 That\u2019s why we need a digital euro.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n
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