US Media: Clear Divergence Among US, Europe, and China on the Future Path of Digital Currencies
The United States supports regulated stablecoins through federal legislation and bans the Federal Reserve from issuing retail central bank digital currency before 2030, adhering to a market-led model;
Europe is advancing the digital euro issued by the European Central Bank, while the MiCA regulation requires non-bank stablecoin issuers to hold 30%-60% of customer funds in commercial banks, giving commercial banks a structural advantage over independent issuers, thus forming a hierarchy of "central bank first, banks second, independent issuers last";
China's central bank directly controls the issuance and core architecture of the digital yuan.
Although European rules protect domestic banks and the central bank, they may weaken the euro's competitiveness in the global "currency internet," as in the network era, the success of a currency depends not on domestic privilege protection but on its ability to attract global users and developers.
Original source: toutiao.com/article/1869705151767552/
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