Europe Has Not Grown In Digital Payments: ECB President

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Christine Lagarde (Courtesy: Twitter)
Christine Lagarde (Courtesy: Twitter)

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.

Speaking at the Deutsche Bundesbank’s conference on banking and payments in the digital world Thursday, Lagarde addressed the competition to dominate payments on a global scale and considerations for a euro-zone retail CBDC.

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. Economies around the world are looking into CBDCs and the creation of digital payment ecosystems, while China has become a leader in the space.