Recently, the US adopted a new law regulating the market for stablecoins, a class of cryptocurrencies whose value, unlike for example bitcoin, is based on state-guaranteed assets such as the US dollar or government bonds.
The EU has projects underway to develop a digital euro, a new type of money that would facilitate fast and cheap but at the same time secure transfers and payments for the entire euro zone. But rather than creating its own technical solution, the union is now considering basing the digital euro on existing so-called blockchain technology, such as ethereum or solana, the newspaper writes.
The risk if the EU does not keep up with the digital currency race with the US or China is considered to be that other currencies, such as the dollar or China's yuan, will make a greater impact even within the European economy.
Several central banks around the world are in the process of developing their own digital currencies. The Swedish one has e-kronor underway, issued by the Swedish Central Bank, but there the Swedish central bank has said it will wait and see what happens with a potential digital euro.
