The European Central Bank (ECB) President Christine Lagarde's new blog post again pushes for the creation of a central bank digital currency (CBDC) in Europe. But although it argues that a digital euro would protect the privacy of its users, the crypto community is not impressed.
The new article, written jointly by Lagarde and the ECB Executive Board Member Fabio Panetta, published on the ECB’s website, stressed the importance of making sure the public has access to central bank money for payments, meaning cash or a digital central bank-issued currency.
The alternative they said, is that the private sector fills this hole in the market, and that new payment solutions – which are reliant on private bank deposits and often controlled by non-European companies – take over.
This could create “confusion about what qualifies as money,” the article said.
Another potential threat the pair sees is crypto, which they said “cannot guarantee one-to-one convertibility with central bank money.”
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