The media Radar published this March 28 on Twitter an excerpt from the statements of Christine Lagarde during a program. During this, the President of the ECB echoed certain remarks made by Fabio Panetta, member of the Executive Board of the ECB. Indeed, Panetta had said in January that there is a need to regulate cryptos and adopt a CBDC. Here are the statements of the President of the European Central Bank on the subject.
Here’s why Christine Lagarde is advocating for the adoption of CBDCs
While discussions are being held for the integration of the digital euro into businesses, Christine Lagarde talks about the importance of CBDCs. The President of the ECB said that this type of digital currencies will keep central banks relevant. She stated: “Where are we, the central bankers? We served as a monetary anchor against commercial banks and private money“.
“If we are not in this game, if we are not involved in experimentation and innovation in terms of digital central money, we risk losing the anchor role that we have played for many, many decades.», has explained The guard. The leader recalled that there was a time without any central bank to serve as “anchor“.
It turns out that this situation hadprecipitated crises one after another“. Lagarde went on to point out:Do we want to go back to that time? Probably not. This is why we must meet the demand for digital payments in order to maintain the anchor role that we have regularly played“.
Lagarde’s statements come in the context of a banking crisis in the United States. It must be said that there are rumors that the banking turbulence was created on purpose. Indeed, some believe that they aim to strengthen the political case for CBDCs.
The craze for central bank digital currencies has increased significantly in recent months. Several countries like China have launched their CBDCs. In this regard, the pilot phase of the digital yuan has been successfully launched. Also, it continues despite China’s anti-crypto stance. At the same time, major payment companies have recently expressed a pro-CBDC stance. For example, the giant Visa indicated that stablecoins and CBDCs could facilitate payments. He explained that these digital currencies will play a vital role in the future of finance.
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