Share this article
Ireland's Central Bank Governor Says Digital Euro Is 'Very Likely'
Introducing a digital euro would represent a "fundamental shift" in the eurozone's financial architecture, Governor Gabriel Makhlouf noted.
Updated Sep 14, 2021, 1:33 p.m. Published Jul 30, 2021, 3:52 a.m.
Make us preferred on Google
The head of Ireland's central bank, who has likened the purchase of cryptocurrencies to collecting stamps, foresees a digital euro.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Central Bank of Ireland Governor Gabriel Makhlouf said that although the eurozone has yet to decide on a central bank digital currency, the development is "very likely" to happen.
- "In my view, it's not a question of if but rather how and when," the governor wrote in a bank blog post on Thursday.
- Introducing a digital euro would represent a "fundamental shift" in the financial architecture of the eurozone, Makhlouf noted.
- The governor was less kind to cryptos, which he said were accompanied by an "unhelpful and misleading descriptor," as they don't fall under the definition of a currency.
- Some cryptos have no anchor to provide stability, Makhlouf wrote, but he added that "on the other hand, on the evidence some people do like to collect them, just as some like to collect other things (such as stamps, for example). Buying such items can be profitable, but it can also be loss-making."
- Makhlouf also took aim at stablecoins, saying the cryptos that are pegged to a stable currency like the U.S. dollar were only "as good as the governance behind the promise of the backing."
- The governor, who became governor of Ireland's central bank in September 2019, is a British economist. He was previously the New Zealand Treasury's secretary and chief executive, according to his LinkedIn page.
- In March, Ireland's central bank warned that companies operating in the republic would have to comply with anti-money laundering rules, and in May, it warned investors about the risk of cryptos.
Read more: Central Bank of Ireland Expands Anti-Money Laundering Regime
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
What to know:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
Top Stories
