Christine Lagarde: «The digital euro could be released in the next two or four years.»

13.11.2020
«first-p»>European Central Bank President Christine Lagarde said she believes that the EU monetary authorities may issue a digital euro in the next two to four years;

At online conference with Fed Chairman Jerome Powell and Bank of England President Andrew Bailey, Christine Lagarde said it would take a long time to develop a digital euro.

It is necessary to develop not only basic technology, but also measures to combat money laundering and prevent terrorist financing. She noted that China’s Central Bank has been working on a digital version of the yuan for several years. Lagard said:

«We may well start moving in that direction. I suspect it will happen in the next two or four years.»

At the beginning of the month, the ECB launched a survey in which invited EU citizens to express their position on the issue of digital euro. Earlier, the European Central Bank represented a report where it indicated four conditions under which digital euro will be issued;

«If the digital euro will facilitate cross-border payments, we should explore this concept. The digital euro will not replace cash. It will be a supplement,» said Lagarde;

For his part, Fed Chairman Jerome Powell noted that the U.S. Central Bank assesses the merits of the digital dollar, but has not yet decided to issue its own crypt currency and is unlikely to release it in the next few years;

The chairman of the Bank of England said there may be problems with the confidentiality of privately issued stelecoins, and state cryptov currencies may be the «answer to this problem. Previously, Bailey stated that he was in favor of global regulation of stelecoins;

Let us remind you that according to the latest report of Deutsche Bank analysts, state cryptov currencies will replace cash. Digital currencies of the Central Bank can also eliminate intermediaries in the banking system, which will cause serious consequences.