Copy link
Increase text size
Decrease text size
Link copied

Task force overseeing digital currency research will be accelerated in mid-2020, ECB president said

ECB President Christine Lagarde said that the task force that is overseeing the research on the digital currency will be accelerated next year, while the current system will be maintained and upgraded.

Image: Needpix

Fri, 20 Dec 2019, 10:40 am UTC

European Central Bank President Christine Lagarde has shown interest in the development of a digital currency amidst the rise of stablecoins and the negative connotations associated with it. In her first conference as head of the ECB, Lagarde revealed that they’ve already set up a task force to explore this front and will be accelerating the efforts of the said task force.

This agency will be provided with resources and information that have already been gathered by those who participated in previous pilots and trial runs. Lagarde said that this progress acceleration will be done by mid-2020, adding that moving forward, they’ll be identifying the details surrounding this new innovation to better map out the evolving landscape.

“Are we trying to reduce cost? Are we trying to cut out the middleman? Are we trying to have inclusive finance at all costs – at no cost? There's a whole range of objectives that can be pursued, so I think we will start by doing that,” Lagarde said.

A call for a better system

Benoît Cœuré, a member of the Executive Board of the European Central Bank (ECB), has previously called forth the unity among European countries to develop a payment system that is in line with the current technological standard. Lagarde mentioned Cœuré during her speech, thanking him for his contributions toward the ECB and wishing him well on his next journey.

Cœuré mentioned the creation of a central bank digital currency (CBDC) in a paper titled “Towards the retail payments of tomorrow: a European strategy.” In it, Cœuré said that even though significant progress has been made on the European retail payment market at the back-end, it hasn’t translated well in the front-end. He said that due to the accelerated evolution of technology, it’s been increasingly challenging to keep up with the changes, especially since new players with deep pockets have entered the scene.

Improving existing payment systems

“For example, a central bank digital currency could ensure that citizens remain able to use central bank money even if cash is eventually no longer used. A digital currency of this sort could take a variety of forms, the benefits and costs of which the ECB and other central banks are currently investigating, being mindful of their broader consequences on financial intermediation,” Cœuré.

It’s worth mentioning, however, that even though Lagarde is willing to explore this new frontier, she said that she’ll be continuing to improve the systems that are already in place. The systems that she mentioned are TARGET Instant Payment Settlement (TIPS) and Pan European Payment System (PEPS).

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.06.24 23:39:32
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more me on whatsapp :+12067425358 happy new year to you all .........................................................................................................................
  • 0
  • ·
  • 0
  • Bitcoin (BTC) $13,171.80 (-3.46%)
  • Ethereum (ETH) $387.95 (-1.81%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $266.49 (+2.01%)
  • Chainlink (LINK) $11.48 (-1.63%)
  • Bitcoin (BTC) $13,171.80 (-3.46%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.