• 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.

 

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay
Comments are closed.

Check Also

Bitcoin Puzzle $17,000 Remains Unsolved

Crypto exchange Phemex has put out a Bitcoin puzzle which holds 2.1 Bitcoins worth USD 17,…