The launch of European digital currency will benefit the EU countries

The head of the European Central Bank (ECB), Christine Lagarde, said at a hearing in the European Parliament that the bank is studyingthe ability to launch a single European digitalcurrencies. This will benefit everyone in the euro area and will strengthen its position in the world. However, digital currency can undermine the stability of the existing global financial system.

“The European Central Bank in a completely independent mode evaluates the benefits of creating a digital currency of the ECB for European citizens and the global economy.

However, the creation of this currency carries certainrisks, for example, it can change the banking monitoring system and its impact on the real economy, and can also disrupt the stability and functioning of the global financial system, therefore this issue requires further study.

Our goal — creating an innovative, reliable and integrated new payment system in Europe. This will benefit everyone in the euro area and significantly strengthen the euro’s position in the world.”, — she stated.

In mid-October, the European Commission reviewed andrejected the idea of ​​providing support for the release of the Libra cryptocurrency from Facebook. One of the main arguments of Brussels officials against this project was the fear that the EU could undermine its financial control in the euro area.

In this regard, the EU institutions began to discuss the launch of the official cryptocurrency of the European Union, the introduction of which would retain the ECB's control over the monetary and financial policies in the euro area.

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