ECB’s Lagarde: We Want to Develop Digital Currencies but Won’t Discourage Private Initiatives
Lagarde said the ECB will continue researching CBDCs and will not stand in the way of any private initiatives.
European Central Bank President Christine Lagarde said a digital euro can place the region at the cutting edge of innovation but it may have fallen behind in the global competition for creating digital payment ecosystems.
Bitcoin suffered its biggest drop in seven years, as fears over the spreading coronavirus triggered a new wave of selling in everything from stocks and junk bonds to cryptocurrencies.
A digital euro for retail payments would "ensure that sovereign money remains at the core of European payment systems," according to Legarde.
Bitcoin prices slid for a fifth straight day, but the bigger news is what the N.Y. Fed and Christine Lagarde's ECB do next.
The working group will pool research into CBDCs.