The head of the ECB called the timing of the launch of the digital euro

The head of the ECB called the timing of the launch of the digital euro

  • ECB President expects digital euro to emerge within four years

  • The head of the Bank of England is skeptical about stablecoins

  • The US Federal Reserve will continue to “carefully and thoughtfully” study the issue of creating a digital currency

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European Central Bank Governor Christine Lagarde said she “anticipates” the launch of the digital euro in the next couple of years

The head of the ECB called the timing of the launch of the digital euro

The digital euro will appear within a few years. This opinion was expressed by the chairman of the European Central Bank (ECB) Christine Lagarde at the virtual forum of the ECB. As the head of the Central Bank said, the digital version of the euro has the right to exist if it is faster, more reliable and cheaper for the end consumer..

“My presentiment is that it [the digital euro] will be created … We may well go in that direction,” said Lagarde..

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The ECB President believes that if the digital euro contributes to better monetary sovereignty in Europe and greater autonomy for the euro area, then it is worth exploring this issue more closely. According to Lagarde, it may take two to four years for the ECB to launch a digital euro.

Under close scrutiny

At the same time, the chairman of the US Federal Reserve System (FRS) Jerome Powell and the head of the Bank of England, Andrew Bailey, expressed their warnings regarding the legalization of digital currencies. Thus, the head of the Bank of England expressed doubt about the massive use of stablecoins, which can hardly be considered a reliable store of value..

The head of the ECB called the timing of the launch of the digital euro

“The bar for private stablecoins has been set very high, and I don’t think they have reached it,” said.

US Federal Reserve Chairman Powell was less critical in his remarks and said that the regulator will “carefully and thoughtfully” consider the issue of issuing a national digital currency.

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Lagarde has repeatedly noted the benefits of the digital euro and adhered to the course towards digitalizing the economy. In early September, speaking at the Deutsche Bundesbank online conference on banking and payments in the digital world, Lagarde said that EU countries needed a digital euro. The head of the ECB also focused on the fact that European payment service providers are far behind the rest of the world..

Is there a future for stablecoins with the emergence of the digital euro – read in a special material from BeInCrypto.

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