The President of the European Central Bank (ECB), Christine Lagarde, issued a statement praising the digital euro. It believes it is a uniting force for the European Union (EU) and said the ECB aims to bring it to market “as soon as possible.”
The ECB wants to bring CBDC to the market quickly
Christine Lagarde spoke about CBDC. The digital euro will not eliminate cash from the market, but it is expected to be an important element of the European Union.
Although banknotes will continue to circulate, we want cash to also take the form of a digital euro
Lagarde said, adding that the central bank’s digital currency could be used for online payments in the EU.
This is a big project because the euro is our currency, your currency. It connects us. It is a symbol of trust in our common fate, which is why in the next and final stage of preparations we are starting work on the digital euro
– she said.
This fits in with what the EU is doing. The ECB’s Governing Council announced on Thursday that it will start work on building the technical infrastructure for testing and implementing the retail CBDC model, which is scheduled for implementation in 2029. Of course, if the EU authorities adopt regulations allowing the ECB to issue them.
Opposition within the EU
Everything is happening at a time when there are many indications that the world’s main economies will focus on the digitization of currencies, but in the form of stablecoins. In the USA, after the GENIUS Act was passed, an ideal model was created for the country, in which the development of stablecoins is in the state’s interest – their issuers must buy US bonds. The topic of the digital yuan has also quieted down. It is possible that Beijing will also focus on stablecoins, but based on yuan.
Opposition to CBDC is also heard in the EU. A few days ago, Éric Ciotti from the French Union of the Right for the Republic presented a proposal to ban the use of CBDC in his country.
There is no talk in Poland yet of introducing the euro, much less of a Polish CBDC.
CBDC does not necessarily mean problems, but the community is concerned that digital currencies may be used for greater control of society (expiration date of funds, tracking of their flows).
