EU Worried About US Embrace of Crypto Assets

Eurozone finance ministers have expressed concerns that the new US administration’s shift towards embracing cryptocurrencies could impact eurozone monetary sovereignty and financial stability, top officials said on Monday.

Recently, US President Donald Trump, who campaigned as a “crypto president,” signed an executive order to create a strategic reserve of cryptocurrencies using tokens already owned by the government, marking a departure from the previous administration’s policies.

“Policy developments in other jurisdictions can significantly affect us here in Europe,” said Paschal Donohoe, the chairman of the finance ministers, during a news conference following discussions on US cryptocurrency actions.

“These discussions are intrinsically linked to our own autonomy and the resilience of our currency,” he noted, underscoring the importance of the European Central Bank’s development of a digital euro to maintain a competitive edge.