ECB Chief Lagarde Says Digital Euro Will Not Replace Cash — But Could Offer Convenient, Cost-Free Means of Payment

The president of the European Central Bank (ECB), Christine Lagarde, says that a integer euro volition not regenerate currency but would complement it. “A integer euro would springiness you an further prime astir however to wage and marque it easier to bash so, contributing to accessibility and inclusion,” the ECB explained.

Digital Euro to Complement Cash

ECB President Christine Lagarde talked astir the integer euro astatine the plenary league of the European Parliament Monday connected the 20th day of the instauration of euro banknotes and coins.

“Last year, we launched the integer euro project,” she said. “We volition analyse however a integer euro could connection a convenient, cost-free means of payment, allowing radical to wage anyplace successful the euro country with risk-free integer wealth – for example, erstwhile making payments online, which preclude the usage of cash,” the ECB main continued, emphasizing:

In immoderate event, a integer euro would complement cash, not regenerate it. This is besides wherefore we launched the process for redesigning our banknotes.

The European Central Bank launched a two-year investigation into a integer euro successful October past year. “Once the probe signifier has ended, we volition determine whether oregon not to commencement processing a integer euro. We would past make and trial imaginable solutions, moving unneurotic with banks and companies which could supply the exertion and the outgo services,” the ECB clarified.

The ECB website details: “The integer euro would inactive beryllium a euro: similar banknotes but digital. It would beryllium an physics signifier of wealth issued by the Eurosystem (the ECB and nationalist cardinal banks) and accessible to each citizens and firms.” It adds:

A integer euro would springiness you an further prime astir however to wage and marque it easier to bash so, contributing to accessibility and inclusion.

Meanwhile, the European Commission is readying to enactment guardant a measure to laic down the ineligible instauration for a integer euro. The authorities volition enactment the ECB’s enactment connected the integer euro. “Our extremity is to array authorities successful aboriginal 2023,” said Mairead McGuinness, European commissioner for Financial Stability, Financial Services, and the Capital Markets Union.

What bash you deliberation astir ECB Chief Lagarde’s remarks connected the integer euro? Let america cognize successful the comments conception below.

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