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Crypto Named One of Main Challenges Affecting Eurozone by Christine Lagarde

Tue, 02/11/2020 - 20:44
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Alex Dovbnya
Christine Lagarde believes that digitalization and climate change could affect the way central banks work
Crypto Named One of Main Challenges Affecting Eurozone by Christine Lagarde
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ECB President Christine Lagarde has named digital currencies as one of the main challenges faced by the eurozone economy during a recent plenary session of the European Parliament. 

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Crypto and climate change 

During her speech, Lagarde singled out digitalization and climate change as the biggest global phenomena that are currently affecting ECB. She is convinced that they could potentially change the operational environment of central banks. 

Lagarde recalled a Eurosystem task that was created back in January for studying the ins and outs of issuing of a central bank digital currency (CBDC). 

"In particular, we want to assess whether a central bank digital currency could serve a clear purpose for the public and support the ECB’s objectives."

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An international cooperation

Lagarde highlighted that ECB was working together with other central banks to examine how cryptocurrencies can be used for making cross-border payments.      

As reported by U.Today, the governors of the Bank of England, the ECB, and four other central banks are set to discuss CBDCs on the sidelines of an upcoming IMF conference. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at