Christine Lagarde throws open review submissions for ECB Digital Euro

President of the ECB, in a video, reiterates that the central bank is currently reviewing and accepting recommendations for the digital euro currency.

By · Nov 2, 2020 . 5min read

ECB Digital Euro latest news

Christine Lagarde, the President of the European Central Bank – ECB, in a video reiterates that the central bank under her watch is currently reviewing and now accepting recommendations for the proposed release of a digital euro currency.

She posted a link using her Twitter account where stakeholders, especially those within the Euro Zone, can submit their reviews. Lagarde has only assumed her role as President of ECB for about a year now and is Pro digital currency compared to her immediate predecessor, Mario Draghi.

Many digital currency advocates have said this is inevitable coming from ECB, especially due to specific reasons. Already, cryptocurrencies like Bitcoin, Ethereum and the stablecoins have made a lot of easier posing severe challenges to central bank-issued fiats.

Consequently, governments with their central banks have been in a frantic race to review and likely issue their own CBDCs. About 80% of the world’s central bankers consider floating their own CBDC to support their monetary and financial stability. Some of the opportunities of a digital euro which is a CBDC can tap into includes;

  • supporting a resilient payment landscape
  • helps avoid the risks of newer private money creation within its region
  • a digital euro supports competition, efficiency and innovation in the sphere of payments
  • as the economy increasingly goes digital, payment needs to measure up also
  • strengthens cross-border payments and remittances
  • helps to address the consequences of a declining cash system possibly

ECB Digital Euro just one amongst the many upcoming CBDC

While the Eurozone starts accepting reviews and recommendations as regards the impending digital euro, other nations and blocs are not relenting. Notably among the other CBDC aspirants is China. The fierce competitor of the United States already tested its Digital Yuan, expected to launch fully by 2021. Still within the Asian axis, South Korea and Hong Kong have progressed in their CBDC plans.

Meanwhile, the G – 20 already discussed plans and roadmap for adoption of CBDC a few weeks back. And after making a CBDC plan public in 2018, Bahamas Central Bank has launched its “Sand Dollar“; a CBDC in October.

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