Lagarde: demand for stable coins rises, digital Euro to come
Christine Lagarde is the new President of the ECB, and directly after his inauguration, caused a stir when she announced that, by 2020, a task force should be put on the legs, which elicited the introduction of digital the Euro and pushing ahead.
At her first press conference as head of the European Central Bank (ECB) outlined by Christine Lagarde plans to lead the ECB in the field of digital currency to the top.
There is clearly a demand out there to which we must respond.
she said and referred to Stablecoins. The President of the European Central Bank (ECB), Christine Lagarde, spoke about their plans for the digital currency, and explained at their first press conference as head of the ECB on Thursday other monetary policy decisions. The press conference followed a Meeting of policymakers in Frankfurt, which is supposedly the topic of digital currencies, the Central banks was discussed. When answering questions about the digital currency of the Euro system, Lagarde said:
My personal Belief is that we, in view of the developments that we observe, not so much in the Bitcoin Segment, but in the Stablecoins projects…. better of the time should be when that happens. Because there is clearly a demand to which we must respond.
In terms of stable coins, you also noted:
We know at the Moment only one, but there are others that are exploring and on-the-go.
While the new ECB Boss is not called the Stable coin to which he referred, was published in August, a report from the ECB Occasional Paper Series with the title “In search of stability in crypto assets Are stable coins are the solution?”, which deals with a number of stablecoins, including Facebook’s Libra, Tether, and Nubits.
Lagarde revealed that the ECB has set up a Task Force for digital currencies and their efforts to digital coins will be spent accelerating, based on studies by the Central banks of the Euro area, the resources for the study of digital currencies by the Central banks (CBDCs). Sieführte furthermore, from (freely translated):
We will identify the purpose that we pursue, as the number one.
the former head of the International monetary Fund (IMF) said.
We are trying to reduce costs? We try the middle-man turn off? We try to achieve a free services and funding? There are a number of objectives that can be pursued. So I think that’s where we’ll start.
Next, you said:
We will not identify the technical aspects of all that is, of course, especially when we are talking about the Eurosystem. I think we are trying to reach until the middle of 2020.
It remains to be seen how quickly the Task Force established and relevant results can be achieved. However, the direction seems clear: to develop A Central Bank backed digital currency that can be used for the entire Euro area. Least important was known that France will be the first country that, in a private environment of banks the digital Euro as the first country in Europe to test. The normal population of the access remains denied.
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