Frankfurt (Reuters) – Banks in the euro area need a digital euro to respond to the push of United States President Donald Trump, to promote staboins, said a type of cryptocurrency that was normally hooked on Friday. Dollar of the European Central Bank, Piero Cipollone.

Trump said he would “promote the development and growth of legitimate and legitimate statesmen with double dollars worldwide” as part of a broader crypt strategy that outlined in an executive order issued on Thursday.

Cipollone said this would help attract even more customers away from banks and strengthen the ECB’s case to launch their own digital currency in response.

“I guess the keyword here (in Trump’s executive order) is all over the world,” Cipollone told a conference in Frankfurt. “This solution, you know, disinterrupted the banks as they lose their fees, lose customers … That’s why we need a digital euro.”

Stabids work similarly to the funds of the monetary market, as they offer exposure to short -term interest rates in an official currency, almost always the North -American dollar.

A digital euro, on the contrary, would be essentially an online portfolio guaranteed by the ECB, but operated by companies like banks.

It would allow people, even those who do not have a bank account, make payments. The stakes would probably be in charge of a few thousand euros and would not be paid.

Banks have expressed concern for a digital euro to empty their coffers, as customers transfer part of their cash to the safety of a guaranteed portfolio for ECB.

Currently, the Central Bank of the Euro Zone is experiencing how a digital euro would work in practice. But it will only make a final decision as to whether it can be launched once European legislators approve the legislation on this subject.

Trump’s executive order also banned the Federal Reserve issuing his own digital currency from the Central Bank (CBDC).

Nigeria, Jamaica, and the Bahamas have already launched digital coins and 44 other countries, including Russia, China, Australia and Brazil, are directing pilots, according to the Atlantic Council’s think tank.

(Report by Francesco CanePa; Mark Heinrich edition)