The head of the European Central Bank Christine Lagarde said that the final decision on the possibility of launching a digital currency for the Eurozone countries will soon be made.
Launching such an initiative will help the European Union stay “at the forefront of technology” in the field of digital currencies and global changes in payment systems, says Lagarde. New technologies will help improve the efficiency of financial transactions, but they also carry certain risks:
“The Eurozone has not yet decided whether to introduce the digital euro. But like most other central banks around the world, we study the benefits, risks and operational challenges associated with this. The report of the ECB working group on this issue will be presented to the public in the coming weeks, after which public discussions will be held, ”said the ECB President.
Lagarde also noted that foreign payment service providers dominate Europe, and this is not a problem. But the “changing global context” and “growing protectionist sentiment” present new risks of disrupting financial flows.
“We must ensure that our citizens have a choice and they cannot be excluded from the payment system by someone’s unilateral decision,” concluded Lagarde.
In May, ECB Deputy Chairman of the Executive Council Yves Mersch said the organization is exploring the possibilities of a state cryptocurrency that can be used by retail consumers.