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27 September 2020

Europe Has Fallen Behind on Digital Payments, Lagarde Says - CoinDesk

Europe Has Fallen Behind on Digital Payments, Lagarde Says - CoinDesk


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A European Central Bank (ECB) panel tasked with exploring a central bank digital currency (CBDC) is set to reveal its findings in the near future, followed by a public consultation, said ECB President Christine Lagarde.

Lagarde said a digital euro would allow the bloc to be at the cutting edge of innovation, but the lack of payments integration in Europe indicated that foreign providers have taken the lead.

Europe will continue to ensure that all its citizens have access to banknotes at all times, Lagarde said, adding that the two combined would support financial inclusion and offer consumers a choice. 

“It would have to embrace the respective strengths of both the Eurosystem and the private sector to ensure that the payments landscape remains competitive and innovative,” Lagarde said

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