ECB’s Lagarde promotes Digital Euro for EU citizens
Governments and Central Banks around the world are continuously surveying the pros, cons and security risks of STO cryptocurrency. Recently the president of the European Central Bank (ECB), Christine Lagarde, informed that the bank is scrutinizing crypto benefits and crypto risks across the token classification. The ECB has been thinking of releasing a digital Euro. In a speech at the Franco-German Parliamentary Assembly, Christine Lagarde said that more readily a digital form of euro would be complementing the-conventional currency than acting as a substitution for physical money. This new digital currency launched by the European Central Bank would additionally provide an alternative option to the private cryptocurrency investment tokens for EU citizens. Lagarde concluded that the step shall guarantee that sovereign money prevails at the heart of European payments. The digital Euro would be accessible to a large audience and might also be used to carry out retail payments.
One can sense fear from the analysis of these statements that regulators and governments are inferring; the emergence of a colossally prevalent cryptocurrency which willfully the command of central banks overregulation of monetary policy and even instigate the shift that might refrain people from the use of fiat money. Tackling this perceived risk from the Facebook-sponsored Libra currency project which is yet to be launched, the finance minister of France Bruno Le Maire stated Libra was appropriating the sovereign right of EU member states to publish their own digital currencies and this can possibly sabotage the European venture.
The French minister was concerned that if the power is handed over to private interests then it can have great impact and consequences on the trade and financial stability. Adding to that Maire said that he cannot allow even one sovereign state’s monetary policy to fall under the jurisdiction of bodies that are not exposed to democratic control.
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CBW - External Analyst
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