- The President of the European Central Bank believes Europe should be ahead of the curve when it comes to stablecoins
The President of the European Central Bank (ECB), Christine Lagarde, is in support of the development of a central bank digital currency (CBDC), which would essentially be a Euro stablecoin which is officially issued and operated by the ECB. Indeed, in December Lagarde said that the the central bank should be ahead of the curve when it comes to demand for stablecoins.
Lagarde is particularly interested in a Euro CBDC since it can facilitate fast and low cost payments. Other benefits of such a currency include optimizing the economy via tracking all financial movements on an immutable and secure blockchain.
That being said, it will apparently take many months for the ECB to finish assessing the cost and benefits of a Euro CBDC, and there is no official launch date in sight. However, Lagarde appears to be dedicated to making sure that Europe is not left behind in the stablecoin sector.
The ECB is not alone when it comes to developing a central bank controlled digital asset. China appears to be readying the launch of a CBDC, and Australia recently stated that they are interested in launching its own. Notably, the Bahamas launched one called the Sand Dollar within the past month.
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