German Bundesbank president says euro stablecoins will protect European independence

Joachim Nagel, President of the German Bundesbank, believes that euro-denominated stablecoins will safeguard Europe's monetary independence, Cointelegraph reported. Speaking at a New Year's reception for the American Chamber of Commerce in Frankfurt, Nagel noted that European Union (EU) officials are working to introduce a retail central bank digital currency (CBDC). He added that a wholesale CBDC would enable financial institutions to conduct programmable payments using central bank money. Nagel emphasized that euro stablecoins could contribute to enhancing Europe's independence in payment systems and solutions.