European Central Bank President Christine Lagarde announced that they are examining the concept of the digital euro. Stating that ECB has prepared a special report on this issue, Lagarde announced that this report will be completed in the next few weeks.
While the European Commission has prepared a new draft on cryptocurrencies, a move came from the European Central Bank. According to Reuters, ECB President Christine Lagarde made some statements about digital currencies, especially digital euro, at the Bundesbank conference she attended.
They Are Evaluating The Digital Euro
Lagarde explained that the European Central Bank is examining the advantages and disadvantages of the digital euro. Stating that these researches were conducted by the Eurosystem team, Lagarde said in which areas digital currencies are useful and what risks they pose.
ECB President explained that a possible digital euro could be particularly useful for retail transactions. However, these coins can pose a danger to the banking sector. The ECB is also concerned that the digital euro project will harm work in the private sector.
Will Be Released In The Upcoming Weeks
Christine Lagarde said the report on the digital euro will be completed in the next few weeks. The European Central Bank will be able to move on to the next stage of the process after publishing this report: Consulting the public.
Once the European Central Bank has had enough ideas about the digital euro, it will start to ask what the European public thinks of digital currencies. Lagarde announced that they will exchange ideas about the digital euro. This evaluation phase will be based on the findings in the digital money report prepared by the European Central Bank.