Christine Lagarde: “the digital euro should complement, not replace, fiat currencies”

European Central Bank (ECB) President Christine Lagarde said the digital euro should complement fiat currencies, not replace them.

In her speech at a meeting of the French and German parliaments, Lagarde said that the ECB is exploring not only the benefits of the digital euro, but also potential problems that may arise from its implementation. 

The digital euro should become an alternative to confidential cryptocurrencies, while not disrupting the stability of state currencies. It is imperative that they continue to play a major role in making payments, even with digital currency from the Central Bank. 

Despite the many risks, Lagarde said, it is high time for Europe to reap the full benefits of digital technology. The ECB President noted:

“We must contribute to the development of progress in order to bring the economies of European countries to a new level. At the same time, we need to address issues of cybersecurity and data protection. “

Lagarde recently announced that a final decision will soon be made to launch a digital currency for the Eurozone countries. The ECB is actively working on this issue, given that China has already begun testing the digital yuan in several major cities in the country. 

In addition, earlier this month, it was reported that a hardware wallet could be released from the Central Bank of China for the massive use of cryptocurrency.

Recall that earlier, ECB Executive Board member Fabio Panetta called for the introduction of other instant payment systems along with the digital euro to support the sustainability of the payments sector.

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