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

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