European Central Bank President Christine Lagarde, in a virtual panel discussion on central banking held on Nov. 12, said that it was “her hunch” that a digital euro would be released in a few years.
- Lagarde was one of the speakers in a panel discussion on central banking, joined by US Federal Reserve Chair Jerome Powell and Bank of England Governor Andrew Bailey
- When speaking about the digital euro, which the ECB is more serious about than ever before, Lagarde said that she expected it to be released within the next two to four years
- Lagarde has stressed that it would be a preferable to have a digital currency that is backed by central bank money
- She also pointed out the efforts will take time, as one of the key difficulties in designing a CBDC would be KYC/AML standards
- The ECB has also consulted the public for its view on a euro CBDC, as it undergoes a “review and consideration stage”
- Central banks and regulators have also expressed concern about Facebook’s Libra, with the G20 nations designing a framework for global stablecoins in a bid to stop these assets from affecting national sovereignty