Digital euro will take a number of years - Lagarde

Thursday, 21. January 2021 15:16

European Central Bank (ECB) President Christine Lagarde sought on Thursday to "downplay expectations" related to the digital euro, stating that it is a complicated issue that will "take a number of years." She said that the ECB will probably decide in April whether and in what manner to go ahead with creating the digital currency, adding that the bank has not yet decided on the "technology backbone" to support it.

"If it is well implemented, it will be of service for all citizens," Lagarde said. She also reassured that banknotes will "always" coexist with the digital euro and explained that the process of creating it must be done "without disrupting the current financial scene nor jeopardizing the monetary policy transmission that we have currently."

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