ECB President says bank is looking at possibility of launching digital Euro. Christine Lagarde, President of the European Central Bank took to Twitter to announce that the ECB is looking at the possibilities of launching a digital Euro.
Lagarde said “We’ve started exploring the possibility of launching a digital euro. As Europeans are increasingly turning to digital in the ways they spend, save and invest, we should be prepared to issue a digital euro, if needed.” Europeans are now given the chance to have their voices heard on the possibility of a digital euro. In the video, she explained that a public consultation has been put forward “so that consumers and Europeans can actually express their preference and tell us whether they would be happy to use a digital euro.”
We’ve started exploring the possibility of launching a digital euro. As Europeans are increasingly turning to digital in the ways they spend, save and invest, we should be prepared to issue a digital euro, if needed. I’m also keen to hear your views on it https://t.co/0ZuU2ZZgCp pic.twitter.com/CoY5sN7Yoz
— Christine Lagarde (@Lagarde) November 1, 2020
News on its potential launching surfaced in October, following a report on a Digital Euro released by the ECB. The report entails “possible scenarios and implied requirements” on the reasons behind issuing a digital euro. It also speaks on the “potential effects of a digital euro and implied requirements” and “digital euro functional design possibilities”.
According to information from the report and the ECB website, it appears that the central bank is already working towards launching the digital euro. The website explains:
“We are working on the concept, starting practical experimentation on possible designs, and discussing with stakeholders and international partners. Towards the middle of 2021 we will decide whether to launch a digital euro project. This will be followed by an investigation phase on user requirements and service providers.
It would take time to develop a safe, accessible and efficient digital currency. We will ensure that the systems we use to pay keep up with the needs of the people who use them.”
From the looks of it, it would appear as though the ECB is doing more than just “exploring the possibility of launching a digital euro.”
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