European Consortium Adds 25 Banks to Euro-Pegged Cryptocurrency Project

A European consortium planning a euro-pegged cryptocurrency has expanded its membership with the addition of 25 new banks.

The group now includes 37 financial institutions from 15 countries, including ABN Amro and Sabadell. The consortium's goals are to counter US dominance in digital payments and explore the potential for blockchain-based trading systems.

Despite skepticism from the European Central Bank about the benefits of such a project, the consortium is pushing forward with its plans.