Feb 23 • 04:25 UTC 🇪🇸 Spain El País

US sanctions force acceleration of the digital euro

US sanctions are pushing the European Central Bank to expedite the development of a digital euro to avoid dependence on foreign payment systems.

US sanctions against individuals like Judge Nicolas Guillou, who has been penalized due to his investigation into Israeli actions in Palestine, highlight the risks European individuals face in the current global financial landscape. Judge Guillou has become a case in point, being completely shut out of the financial system and unable to perform simple transactions due to the reach of US sanctions. This situation underscores the vulnerability of Europeans subject to extraterritorial US laws, which can impact their financial engagements and lead to a sense of being cut off from essential financial tools.

In response to such challenges, the European Central Bank (ECB) is accelerating the development of the digital euro. This enhancement in the digital payment system aims to minimize reliance on external payment solutions predominantly operated by American and Chinese companies. The urgency to create a secure and robust digital euro is reinforced by the need to safeguard European sovereignty in digital finance and ensure citizens have reliable access to their funds without the threats posed by foreign policy decisions.

As the ECB progresses in this direction, the implications for both the Eurozone's economy and its political landscape could be profound. If successfully implemented, the digital euro could enhance financial stability and give Europeans a powerful alternative to existing US-controlled payment systems, thereby reclaiming some power from international economic pressures. This initiative not only reflects economic necessity but also a strategic move to redefine the digital financial future in Europe, insulated from foreign interventions.

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