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CIRCLE's Euro Coin

"CIRCLE's Euro Coin is going to stimulate debate on the regulation of the three digital currencies: CBDCs, Stablecoins and bank deposits."

Yesterday CIRCLE announced that on June 30 it will launch the Euro Coin, a "stablecoin" in euros. This morning, the Wall Street Journal and the Financial Times had not yet broken the news. But This project is going to give a lot to talk about.

 It appears at a time when the work on the regulation of digital money that President Biden commissioned in February from the many American regulators has not been finished. And also in a time in Europe when the ECB was advising European parliamentarians to introduce limitations to the use of the Digital Euro.

There were already other stablecoins in euros but the CIRCLE project will not go unnoticed. CIRCLE, unlike other initiatives in the crypto world, has shown that it is interested in being part of regulated institutions and tries to adapt its designs to the demands of regulators.

Now, moreover, at a time when many cryptocurrencies are collapsing, their digital dollar – USD Coin (USDC) – is behaving reasonably well.

His initiative will further stimulate the current debate on the regulation of the three digital currencies: CBDCs, stablecoins and bank deposits.

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About the Author

Miguel A. Fernandez Ordonez

Miguel A. Fernandez Ordonez

State economist. Former Governor of the Bank of Spain and member of the Governing Council of the European Central Bank (ECB). He currently teaches Seminars on Monetary Policy and Financial Regulation at IEUniversity.

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