European Central Bank (ECB) Chief Provides Details on Digital Euro

News / 01.11.2020

The President of the European Central Bank (ECB), Christine Lagarde, has stated that the regional Bank is considering launching a Digital Euro. This, according to her, is due to the immense growth and development in the digital ecosystem.

In a series of tweets, Lagarde revealed the European Central Bank’s achievements over the past 12 months. This included the launch of the European Central Bank Strategy Review (ECBStrategyReview). She also spoke on her viewpoint on climate change and the news to launch the digital euro.

Talking about the digital euro, Lagarde further explained that the European Central Bank is in the review and consideration stage. She added that public consultation would be used to know if users and consumers will use the digital euro the same way they use a euro coin or banknote.

The digital euro will make daily payments faster, easier, and more secure for users and consumers. Furthermore, using the digital euro will help the digital European economy and encourage innovative retail payments. Currently, the European Central Bank and other national central banks are exploring the Digital Euro’s benefits and risks.

According to a blog post on the ECB website, although there is no set date for the launch, the bank had begun research, and this is followed by an investigation phase on user requirements and that of service providers.

Digital Currency Development Moving at a Fast Pace

The need for a Central Bank Digital Currency has been on a meteoric rise over the past few months. The European Central Bank joins the banks that seek to launch a digital currency for its users.

In recent months, several central banks across the world have indicated an interest in developing digital currencies. This is in response to the increasing digitization of payments and the success of cryptocurrencies. In October, the Bahamas and Cambodia launched their digital currencies ‘’Sand Dollar’’ and ‘’Bakong’’ respectively. Global Asian giant China is also in the later stages of testing its digital Yuan.

Lagarde’s latest statements bode well for the Digital Euro development, and the coming weeks should provide more details on its launch.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.