EU Ministers Concerned Over Trump's Cryptocurrency Policy, Sources Say

Eurozone economic ministers have expressed concern over former President Donald Trump's strong support for cryptocurrencies, according to a new report. In their view, the European Union needs to "block any initiatives" that could lead to "negative consequences for financial stability and sovereignty."

EU Warns Trump's Cryptocurrency Policy Risks Destabilization

Donald Trump has always been known for shaking up the political and financial landscape, and his administration's cryptocurrency initiative has raised growing concerns among economic ministers in the European Union (EU). According to a report from EUnews.it, the issue is expected to be discussed at the Eurogroup meeting on March 10. European sources said that “the new US administration has a very friendly stance towards cryptocurrencies,” which could have negative implications not only for the eurozone but also for the euro.

European officials believe that the move could undermine both the financial stability and sovereignty of the EU, posing major challenges to the current financial regulatory structure. Those familiar with the matter said that Trump’s policies are “incompatible” with the payments framework that the EU is building. A source from EUnews.it stressed that:

“We want to prevent any initiative that could have negative consequences for the financial stability and sovereignty of the region.”

EU Responds to the Rise of Cryptocurrencies and Stablecoins

In recent years, the European Union has taken steps to counter the rise of stablecoins backed by the US dollar, through the Markets in Crypto-Assets (MiCA) Regulation. At the same time, the European Central Bank (ECB) is also actively developing a digital euro to protect the importance and power of money in an increasingly digital world. Piero Cipollone, a member of the ECB’s governing council, stressed that the initiative is a direct response to the cryptocurrency policies being promoted by the Trump administration.