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The ECB Podcast – Is it time for a digital euro?

The head of the ECB invited everyone to discuss the digital euro

The head of the ECB invited everyone to discuss the digital euro
CONTENT

  • ECB President Lagarde talks about digital euro again.

  • She invited all Europeans to participate in the CBDC survey.

  • She has previously described the digital euro as a potential supplement to cash..

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ECB President Christine Lagarde invited everyone to express their opinion on the project of launching the digital currency of the European Central Bank.

On Sunday November 1, ECB chief Christine Lagarde announced on her official Twitter account that the eurozone monetary authorities are “exploring the possibility of launching a digital euro.” In this regard, she officially submitted for public discussion the draft of the digital currency of the Central Bank (CBDC Paper bills and coins may be a thing of the past due to a new financial instrument – Central Banks Digital Currency (CBDC). As of … More) and invited everyone to take part in it.

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The head of the ECB invited everyone to discuss the digital euro

Source: Twitter 

Your opinion?

In a selection of published videos, Lagarde said that the European regulator is actively interested in the CBDC concept, but the digital euro is still in the early stages of development. In this regard, the ECB welcomes the most diverse views and proposals on this issue from the representatives of the wider European public..

“Europeans are increasingly inclined towards digital ways of spending, saving investments, so we must be ready to launch the digital euro, if need be”.

As Lagarde explained, everyone can express their preferences and tell if they want to use the digital euro, as well as paper banknotes or coins, knowing that this is money issued by the Central Bank and that you can rely on it. She also shared a link to the study inviting respondents to participate in the CBDC survey..

ECB study

A ghost is haunting Europe …

Earlier, the editorial staff of BeInCrypto already said that the ECB is accelerating the turnover of creating a digital euro, entering the race to digitalize the regional economy and implement CBDC.

As recently as October 22, Central Bank spokesman Fabio Panetta identified the digital euro as one of the four strategic priorities of the ECB. Then he also pointed out the importance of public consultations and a verified approach to this issue. However, in general, his attitude towards the launch of CBDC looked very optimistic..

(THREAD) Central banks are adapting their policies to ensure that payments remain efficient and inclusive, says Executive Board member Fabio Panetta. Authorities must be ready to respond to the ongoing transformation of European payments https://t.co/CBcQujXwyY 1/6 pic.twitter.com/s9FE7ETyrt

– European Central Bank (@ecb) October 22, 2020

The head of the ECB invited everyone to discuss the digital euro

Earlier in September, Lagarde herself also announced that in order to optimize the operation of payment systems, Europe needs a digital euro, which should be a supplement, and not a replacement for fiat money. In her opinion, such an asset would be an effective alternative to private cryptocurrencies..

Voice of the people

Lagarde’s post has already collected a wide variety of reader comments. Some enthusiastically responded to the ECB’s initiative, saying that the future belongs to digital currencies and Europe should be at the forefront of this trend. Some added:

“Digital Euro means no more QE? No money printing to bail out the stock market? Then definitely – yes “.

However, opponents of this idea suggested that abandoning cash and transferring all transactions to a distributed ledger would allow the authorities to gain complete control over citizens’ finances..

Other commentators noted that the current euro already almost does not exist in physical form, practically becoming digital. Therefore, they argue, the ECB is now so actively using the epithet “digital” just to join the success of real innovations in the monetary sphere..

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