European Central Bank may have digital currency in the next 4 years – Prime Time Zone

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According to the institution’s president, Christine Lagarde, tests are already being carried out to develop a virtual version of the euro

EFE / EPA / Olivier Matthys / POOLLagarde bets that Europe should take less than China took to create a digital currency

THE European central bank may have a digital currency within the next four years, said the institution’s president, Christine Lagarde, during a seminar organized by The Economist magazine. According to her, the consultations and tests necessary to develop the euro digital, despite admitting that the China is winning this race with the imminent launch of the digital yuan. Still, Lagarde said he expects the creation of the currency for the eurozone to take “less time” than the nearly six years that Beijing has spent preparing its cryptocurrency.

Lagarde assured that the future digital currency “will not replace paper notes” and should respect privacy without facilitating “selling personal data or exploiting them”. The digital euro would be channeled through banks and “completely secure”. “We have in mind the stability of the system, we must be careful that it is a means of payment and not speculation, that is not used to exploit the stability of the banking system,” he said. In this sense, Lagarde opined that “bitcoin it is not a digital currency ”, as it lacks the“ necessary stability ”elements to meet this definition.