ECB head: Digital euro will be created in the next couple of years

European Central Bank President Christine Lagarde said she “anticipates” the launchdigital euro in the next couple of years.

The digital euro will appear within a fewyears. This opinion was expressed by the Chairman of the European Central Bank (ECB), Christine Lagarde, at the ECB virtual forum. As the head of the Central Bank stated, a digital version of the euro has the right to exist if it is faster, more reliable and cheaper for the end consumer.

"My hunch is that it will be a "digital euro"Created... We may well go in that direction."Lagarde said.

The ECB President believes that if digitalthe euro will contribute to better European monetary sovereignty and greater autonomy for the euro area, then it is worth exploring this issue more closely. According to Lagarde, it could take the ECB two to four years to launch a digital euro.

Under scrutiny

At the same time, the Chairman of the Federal Reservesystems (FRS) of the United States Jerome Powell and the head of the Bank of England Andrew Bailey have expressed their warnings about the legalization of digital currencies. Thus, the head of the Bank of England expressed doubts about the massive use of stablecoins, which can hardly be considered a reliable store of value.

The ECB President believes that if digitalthe euro will contribute to better European monetary sovereignty and greater autonomy for the euro area, then it is worth exploring this issue more closely. According to Lagarde, it could take the ECB two to four years to launch a digital euro.

"The plank for private staplecoins is set very high, and I don't think they've reached it"- he declared.

US Federal Reserve Chairman Powell was less critical in his remarks and said that the regulator would “carefully and thoughtfully” consider the issue of issuing a national digital currency.

Lagarde has repeatedly noted the benefits of digitaleuro and adhered to the course towards digitalization of the economy. In early September, speaking at the Deutsche Bundesbank online conference on banking and payments in a digital world, Lagarde said that EU countries need a digital euro. The head of the ECB also focused on the fact that European payment service providers are far behind the rest of the world.

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