Europe’s digital currency market is moving on two parallel tracks, with the European Central Bank advancing the digital euro while private companies push euro-denominated stablecoins. According to Odaily, Revolut has already started phased testing of EURR in Denmark, Poland, and Portugal. The euro stablecoin runs on Ethereum and is issued by Bridge Building, a Stripe unit. At the same time, the ECB has stressed that the digital euro will be built with a high level of privacy. It said offline payment data would be known only to the two parties to a transaction, while even online transactions could not be directly linked to individuals by the Eurosystem. Europe is using both public digital money and private stablecoins to develop its digital payments system and reduce reliance on U.S. dollar stablecoins and non-European payments infrastructure.
Europe’s digital currency market is taking shape as a two-track system, with the central bank-backed digital euro moving forward alongside private euro stablecoins, according to Odaily.
On the private side, Revolut has already begun phased testing of EURR in Denmark, Poland, and Portugal. The euro stablecoin runs on Ethereum and is issued by Bridge Building, a Stripe unit.
On the public side, the European Central Bank said the digital euro will feature a high level of privacy. It said offline payment information would be visible only to the two parties involved, while online transactions could not be directly linked to individuals by the Eurosystem.
Europe is pushing its digital payments system through both public digital currency and private stablecoins in an effort to reduce dependence on U.S. dollar stablecoins and non-European payments infrastructure.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
