And even if stablecoins were properly regulated, like “e-money” in the European Union today, there would still be issues such as the risk of fragmentation along witch a lack of interoperability and broad acceptance. Issues, ladies and gentlemen, that a digital euro would, in any case, remedy from the start.
Moreover, there are further reasons that might be unique in Europe compared with other jurisdictions. Since the single market for cashless payment solutions in the euro area currently only exists for credit transfers and direct debits, both the Eurosystem and the European Commission see the need for a pan-European payment solution, running on European infrastructures.