London Daily

Focus on the big picture.

Head of ECB Christine Lagarde: 80 Central Banks Looking To Adopt CBDC

Head of ECB Christine Lagarde: 80 Central Banks Looking To Adopt CBDC

Christine Lagarde, the head of the European Central Bank, said that at least 80 central banks around the world are looking to adopt CBDC.

Lagarde said at a press conference:

“We think that it’s a duty of us to actually have available digital currencies that would operate to the benefit of consumers.”

“So, what would it look like? Well, it could be used like banknotes. I don’t think it is like banknotes, because it will not have the degree of anonymity that banknotes have.”

In talks with consumers who answered in large numbers, Lagarde noted that many remarked, “We want our privacy to be safeguarded, but we don’t want anonymity because we realize the risk of anonymity.”

Studies on central bank digital currencies began in China as early as 2014, with Sweden leading the discussion on what an e-krona, e-euro, or e-dollar may look like.

Commercial banks’ function as safe guardians of deposits may be jeopardized if central banks give access to everyone, with the design now shifting to resemble the present system, in which central banks issue money to commercial banks, who then distribute it to the general public.

The public, like now, would be able to access their digital currency through a bank app, with only banks likely to be able to provide this specific digital currency app, and thus the digital currency itself would remain within the banking system, though some banks may experiment with self-custodian wallets.

For there to be additional public benefits, coders in particular should be able to publish their smart contracts to this bank blockchain, allowing for automated finance and things like NFTs, which would necessitate the creation of a public blockchain, though not one controlled by the public like bitcoin.

Read the full article: Head of ECB Christine Lagarde: 80 Central Banks Looking To Adopt CBDC – Fintechs.fi

Newsletter

Related Articles

London Daily
0:00
0:00
Close
Unidentified Drones Spotted Over UK Airbases
Israel Offers $5 Million for Each Gaza Hostage Freed
"We Need A British Trump"- Former Prime Minister Elizabeth Truss
Make Orwell fiction again
CIA Official Arrested for Leaking Intelligence on Israel-Iran Conflict
Special counsel Jack Smith asks the court to dismiss his appeal regarding Trump in the Mar-a-Lago classified documents case.
BORIS: UK May Deploy Troops If Trump Cuts Support to Ukraine
Trump Administration Taking Shape: No Invitations Issued to Nikki Haley or Mike Pompeo
Iranian Man Charged in Plot to Assassinate Donald Trump
£3 Billion of British Taxpayer Money Spent by UK Government on Hotel Costs for Migrants
Unlike the shock and profound sadness at 10 Downing Street, British citizens assembled for an impressive rally backing the elected President of the United States, Donald Trump.
Elon Musk Predicts Justin Trudeau's Electoral Defeat
Here's why: Scott Presley convinced swing voters in Pennsylvania with a clear and direct question.
Royal Estates Earning Millions from Public Services and Charities
Siemens Acquires Altair Engineering in $10.6 Billion Deal
The man who got hit by a bus and immediately went back to the pub is strong! Beer is very important.
Donald Trump files $10 billion lawsuit against CBS News, accusing them of 'deceptively doctoring' Kamala Harris' '60 Minutes' interview
Formal Address for Meghan Markle at Invictus Games
Understanding the US Electoral College System
Apple Launches AI Features on Select iPhones
JP Morgan Sued Customers Over Viral Cheque Fraud Scheme
King Charles to Continue Global Tours Despite Cancer Diagnosis
Venice Extends Tourist Entry Fee Program to 2025
Tommy Robinson Charged Under Terrorism Act for Phone Offence
Plans to Increase Employers' National Insurance Announced
Washington Post Editor-at-Large Robert Kagan has RESIGNED after owner Jeff Bezos BARRED the endorsement of Kamala Harris.
Massive Theft of Artisan Cheddar from Neal’s Yard Dairy
US Man Charged with Murder of Co-Worker over Breaks
Carbon Monoxide Incident Claims Lives at UK Care Home
Birmingham Airport Evacuated Due to Suspicious Vehicle
Former US President Barack Obama raps the lyrics to Eminem's ‘Lose Yourself’ after the rapper introduces him at a Kamala Harris rally in Detroit
KYIV URGES NORTH KOREAN TROOPS IN UKRAINE TO SURRENDER
Ofcom Identifies Link Between Social Media Posts and UK Unrest
Russian Boxer Receives Lifetime Ban for Illegal Move in Boxing Debut
Biden Labels Trump a Threat to Democracy
McDonald's Linked to E. coli Outbreak Leading to One Death
Teacher Enoch Burke arrested at Wilson’s Hospital School in Ireland after refusing to endorse and affirm transgender ideology.
FBI Investigates Leak of US Intelligence on Israeli Strike Plans
Israeli Airstrike Targets Hezbollah's Financial Resources
China’s Baidu is revolutionizing transportation with its robotaxi service
Angela Rayner Secures Permanent Seat on UK National Security Council
Russian Ambassador Claims UK's Proxy War in Ukraine
Doctor Advocates for Assisted Dying Law Reform
Ruth Davis Appointed as UK’s First Nature Envoy
Pressure Mounts on Starmer to Discuss Reparations at Commonwealth Summit
James Cleverly’s Costly In-Flight Catering for Government Trips
AI Regulation Takes Center Stage in 2024 US Presidential Campaign
NASA Study Explores Potential Microbial Life Beneath Mars' Ice
Cats: The Liquid-Like Pets
Netanyahu Condemns Alleged Hezbollah Assassination Attempt
×