{"id":153628,"date":"2021-01-13T19:20:01","date_gmt":"2021-01-13T16:20:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/digital-euro-could-happen-within-five-years-lagarde\/"},"modified":"2021-01-13T19:20:01","modified_gmt":"2021-01-13T16:20:01","slug":"digital-euro-could-happen-within-five-years-lagarde","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/digital-euro-could-happen-within-five-years-lagarde\/","title":{"rendered":"#Digital euro could happen ‘within five years’: Lagarde"},"content":{"rendered":"

“#Digital euro could happ<\/a>en ‘within five years’: Lagarde<\/strong>”<\/p>\n

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\n A virtual euro should arrive within five years but the physical coins and notes will stay
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A digital euro should be a reality within five years, European Central Bank president Christine Lagarde said Wednesday.<\/p>\n

“It’s going to take a good chunk of time to make sure it’s safe,” Lagarde told an online forum organised by Reuters, adding “I would hope that it’s no more than five (years).” <\/p>\n

“There is a demand” for a digital currency, she added, but that there is a “need to have a system that is secure” and where risks such as hacking are addressed.<\/p>\n

“We’re moving on, we are not charging on.”<\/p>\n

However, “banknotes are here to stay”, Lagarde added.<\/p>\n

Lagarde set a similar timeframe to China which launched a pilot scheme in 2020 and is edging closer to launching the world’s first sovereign digital currency. <\/p>\n

The comments came as the ECB concluded a consultation on the digital currency, which registered more than 8,000 respondents, according to the Frankfurt-based bank. <\/p>\n

Privacy was listed as the highest concern among those who responded.<\/p>\n

“The high number of responses to our survey shows the great interest of Europe’s citizens and firms in shaping the vision of a digital euro,” said ECB board member Fabio Panetta.<\/p>\n

Detailed analysis will be published in the spring, the ECB said.<\/p>\n

A digital euro would be an electronic form of central-bank money, which proponents say will allow for faster and cheaper payments as they cut out the administration and the high costs needed in traditional banking.<\/p>\n

Cashless payment options have grown in popularity during the coronavirus pandemic, with customers switching from handling coins and notes.<\/p>\n

A digital euro may also outflank cryptocurrencies like Bitcoin, for which Lagarde on Wednesday called for stricter regulation.<\/p>\n

“For those who thought (Bitcoin) might turn into a currency, I’m terribly sorry but this is a highly speculative asset, which has conducted some funny business and… totally reprehensible money-laundering activity.”<\/p>\n

Regulation “needs to be agreed at a global level because if there is an escape that escape will be used,” she said.\n <\/p>\n\n

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Why is the ECB eyeing a ‘digital euro’?\n <\/p><\/div>\n

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\n \u00a9 2021 AFP<\/p>\n

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Citation<\/strong>:
\n Digital euro could happen ‘within five years’: Lagarde (2021, January 13)
\n retrieved 13 January 2021
\n from https:\/\/techxplore.com\/news<\/a>\/2021-01-digital-euro-years-lagarde.html<\/p>\n

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