Digital Euro Key for European Payment Autonomy, ECB President Lagarde Says

0 12

Digital Euro Key for European Payment Autonomy, ECB President Lagarde Says

knife

The digital euro has an important role in preserving the payment autonomy of Europe, the head of the eurozone’s monetary authority emphasized. The new currency, which is still under development, is meant to be sovereign and safe, cheap and widely available, Christine Lagarde assured during a discussion devoted to central bank digital currencies.

Payment Cards and Apps Now Are Not Necessarily European, Lagarde Points Out

A digital euro has a key role to play in safeguarding Europe’s payment autonomy, President of European Central Bank (ECB) Christine Lagarde was quoted as saying during a virtual panel devoted to central bank digital currencies (CBDCs), which was hosted by the Bank for International Settlements (BIS).

“When you look at your wallet and you look at your telephone and see the applications that you use for payments or the cards that you use for payment, you very soon realize that those means of payments are not necessarily European,” Lagarde elaborated, quoted by Bloomberg.

During the discussion held and recorded earlier in March but posted on Tuesday, the top ECB executive warned against relying on a single source for critical aspects of daily life, referring to Russia’s decision to weaponize energy supply following its invasion of Ukraine as an example, and adding:

So we just have to be careful. Some people will call it sovereign autonomy, I prefer to call it resilience because that’s really what it is.

The project to issue a digital version of the euro is still in its investigation phase which started in mid-2021. In December 2022, the ECB released a second report on the advance made during this stage, and in January, 2023, the finance ministers of the eurozone countries pledged support for the initiative.

In November, last year, Lagarde said Brussels will soon put out draft legislation for the CBDC. The European Commission is expected to propose the legal framework by the end of June. The final decision on whether to proceed to the realization of the project should come later this year.

Christine Lagarde highlighted the trend of increasing digital payments while the use of cash is shrinking. She pointed out that the digital euro is intended to be safe, sovereign and available “at the cheapest possible cost.”

However, she also admitted that it will not provide the same privacy as paper banknotes. “A digital currency will never be as anonymous as cash,” she acknowledged, adding that this is why “cash will always be around.”

Do you think European institutions will decide in favor of issuing a digital euro? Tell us in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 51,100.69
ethereum
Ethereum (ETH) $ 3,051.96
tether
Tether (USDT) $ 0.999435
bnb
BNB (BNB) $ 387.24
solana
Solana (SOL) $ 101.60
staked-ether
Lido Staked Ether (STETH) $ 3,048.44
xrp
XRP (XRP) $ 0.533037
usd-coin
USDC (USDC) $ 0.999109
cardano
Cardano (ADA) $ 0.576791
avalanche-2
Avalanche (AVAX) $ 36.60
dogecoin
Dogecoin (DOGE) $ 0.08455
tron
TRON (TRX) $ 0.137807
chainlink
Chainlink (LINK) $ 18.21
polkadot
Polkadot (DOT) $ 7.65
matic-network
Polygon (MATIC) $ 0.985271
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 51,150.70
uniswap
Uniswap (UNI) $ 10.57
the-open-network
Toncoin (TON) $ 2.11
internet-computer
Internet Computer (ICP) $ 12.19
shiba-inu
Shiba Inu (SHIB) $ 0.00001
bitcoin-cash
Bitcoin Cash (BCH) $ 263.18
litecoin
Litecoin (LTC) $ 69.49
dai
Dai (DAI) $ 0.995881
immutable-x
Immutable (IMX) $ 3.16
filecoin
Filecoin (FIL) $ 7.84
cosmos
Cosmos Hub (ATOM) $ 10.41
near
NEAR Protocol (NEAR) $ 3.73
leo-token
LEO Token (LEO) $ 4.15
ethereum-classic
Ethereum Classic (ETC) $ 26.68
kaspa
Kaspa (KAS) $ 0.16169
bittensor
Bittensor (TAO) $ 585.12
blockstack
Stacks (STX) $ 2.47
optimism
Optimism (OP) $ 3.67
hedera-hashgraph
Hedera (HBAR) $ 0.104
aptos
Aptos (APT) $ 9.40
vechain
VeChain (VET) $ 0.047949
first-digital-usd
First Digital USD (FDUSD) $ 0.998594
stellar
Stellar (XLM) $ 0.11431
injective-protocol
Injective (INJ) $ 35.39
okb
OKB (OKB) $ 49.90
lido-dao
Lido DAO (LDO) $ 3.32
mantle
Mantle (MNT) $ 0.889361
the-graph
The Graph (GRT) $ 0.294009
celestia
Celestia (TIA) $ 16.43
render-token
Render (RNDR) $ 7.10
crypto-com-chain
Cronos (CRO) $ 0.092683
monero
Monero (XMR) $ 128.41
arbitrum
Arbitrum (ARB) $ 1.81
sei-network
Sei (SEI) $ 0.791816
maker
Maker (MKR) $ 2,057.61
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,357.30
sui
Sui (SUI) $ 1.59
beam-2
Beam (BEAM) $ 0.032122
thorchain
THORChain (RUNE) $ 5.39
flare-networks
Flare (FLR) $ 0.046029
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,113.58
algorand
Algorand (ALGO) $ 0.198773
elrond-erd-2
MultiversX (EGLD) $ 57.62
quant-network
Quant (QNT) $ 104.53
flow
Flow (FLOW) $ 0.987615
aave
Aave (AAVE) $ 99.55
bitcoin-sv
Bitcoin SV (BSV) $ 73.53
dydx-chain
dYdX (DYDX) $ 3.41
theta-token
Theta Network (THETA) $ 1.41
bitget-token
Bitget Token (BGB) $ 0.988705
starknet
Starknet (STRK) $ 1.87
mina-protocol
Mina Protocol (MINA) $ 1.25
ordinals
ORDI (ORDI) $ 62.83
havven
Synthetix Network (SNX) $ 3.96
true-usd
TrueUSD (TUSD) $ 0.973381
tokenize-xchange
Tokenize Xchange (TKX) $ 15.45
helium
Helium (HNT) $ 8.27
chiliz
Chiliz (CHZ) $ 0.133487
worldcoin-wld
Worldcoin (WLD) $ 8.20
the-sandbox
The Sandbox (SAND) $ 0.521086
fantom
Fantom (FTM) $ 0.414304
apecoin
ApeCoin (APE) $ 1.93
gala
GALA (GALA) $ 0.032988
axie-infinity
Axie Infinity (AXS) $ 8.18
fetch-ai
Fetch.ai (FET) $ 1.06
blur
Blur (BLUR) $ 0.724284
whitebit
WhiteBIT Coin (WBT) $ 7.13
dydx
dYdX (ETHDYDX) $ 3.40
kucoin-shares
KuCoin (KCS) $ 10.53
bittorrent
BitTorrent (BTT) $ 0.000001
arweave
Arweave (AR) $ 15.26
cheelee
Cheelee (CHEEL) $ 18.51
tezos
Tezos (XTZ) $ 1.09
osmosis
Osmosis (OSMO) $ 1.56
sats-ordinals
SATS (Ordinals) (SATS) $ 0.00000045882293
decentraland
Decentraland (MANA) $ 0.518501
frax-ether
Frax Ether (FRXETH) $ 3,038.52
singularitynet
SingularityNET (AGIX) $ 0.723438
woo-network
WOO (WOO) $ 0.494238
conflux-token
Conflux (CFX) $ 0.240863
akash-network
Akash Network (AKT) $ 3.95
ronin
Ronin (RON) $ 2.99
dymension
Dymension (DYM) $ 6.13
eos
EOS (EOS) $ 0.781138
astar
Astar (ASTR) $ 0.159371