ECB Sets Up Special Committee on Digital Currencies

Former IMF managing director and newly-appointed president of the European Central Bank (ECB), Christine Lagarde says they have set up a special committee to examine digital currencies; in a wide ranging interview Lagarde talked about the innovation already made on faster payments with TIPS (TARGET Instant Payment Settlement) that allows for near instantaneous transactions; moving to a completely cashless society with central bank digital currencies (CBDC)is a worry for the ECB as there is big risk to leave the underbanked out of the system entirely; Crowdfund Insider reports on comments made by Lagarde in the interview, “We are looking closely into the feasibility and merits of a CBDC, also because it could have major implications for the financial sector and for the transmission of monetary policy.”; the task force is set to work closely with central banks to study digital currencies and all potential side effects of using them. CrowdFund Insider

Notify of
Inline Feedbacks
View all comments