While Europe is continuing its work on digital money at full speed, European Central Bank President Christine Ladarge stated that the decision on the digital euro will be announced soon.
ECB President Christine Lagarde will soon announce the decision of a delegation of central bank officials in the euro zone on whether the digital euro is required.
In a virtual event held with the Bundesbank of Germany on Thursday evening, Lagarde stated that the EU should not lag behind in the changes in digital money and global payment methods, this new technology will prepare the union for innovation and increase the efficiency in financial transactions, but there are also various risks.
“The euro system has not yet made a decision on the digital euro,” Lagarde said in his speech. However, like other central banks around the world, we are exploring the benefits, risks and operational challenges of this business. We expect our task unit to share with the public the findings of its research next week. Then, a public discussion environment will be created, ”he said.
The head of the ECB added that there is no concern that Europe will be dependent on foreign payment service providers, but that the evolving global environment and the increase in countries’ protectionist policies present new risks of disruption in transactions.
“Our citizens have the right to choose and we are obliged to prevent them from breaking away from the payment ecosystem due to the unilateral practices of others.”