Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
âAt that point in time we will make the decision as to whether or not we go forward with the digital euro.â
The president of the European Central Bank, Christine Lagarde, has said that the bank should reach a decision on releasing a digital euro early next year.
In an online policy panel held on Nov. 12, Lagarde stated that the European Central Bank, was not âracing to be firstâ in its efforts to release a central bank digital currency, or CBDC. However, she said that the results of the consultation the central bank launched in October on a digital euro would be ready in January 2021.
âAt that point in time we will make the decision as to whether or not we go forward with the digital euro,â stated Lagarde. âMy hunch â but this is a decision that will be taken collectively â is that we might well go in that direction.â
The ECBâs president said the bank still had to address concerns when it comes time to make a final decision on a CBDC. In particular, she said the ECB would consider anti-money laundering and countering the financing of terrorism measures in addition to user privacy.
Lagarde gave Facebookâs Libra token and Chinaâs recent digital yuan trials as examples of how the central bank cannot rush a rollout, giving a rough estimate of the timeline should the ECB proceed:
âThis is a project that will probably take us two, three, four years before it is launched.â
Also speaking on the panel were Federal Reserve Chair Jerome Powell and Bank of England Governor Andrew Bailey. Powell reiterated his position on a central bank digital currency, stating that it was âcritical that we get it right as opposed to trying to be the first.â The Bank of England governor advised the panel that people had the right to âexpect certainty of valueâ in any currency.
Lagarde has repeatedly stated her support of a digital euro since her time as the head of the International Monetary Fund, though the European Central Bank has not yet made an official decision on a CBDC. The central bank recently opened a public consultation to get feedback from users on what they expect from a digital euro.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.