At a press conference today, the new European Central Bank (ECB) President Christine Lagarde confirmed that the ECB will accelerate the work of the
task force exploring central bank digital currencies (CBDC). The aim is to deliver a paper around mid-2020.
Input from the research efforts of individual European nations will be incorporated to decide on two aspects. First, what would the purpose of a digital currency be? She mentioned the potential to reduce costs, remove intermediaries or financial inclusion. And the second aspect will be the technicalities.
Her personal opinion is that central banks need to be “ahead of the curve” concerning stable coins such as Libra, which Lagarde did not mention by name.
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Image Copyright: European Central Bank
