ECB President recognizes the demand for global stablecoin.

The new President of the European Central Bank, Christine Lagarde, urged the central bank to be "ahead of the curve" in regards to stablecoins.

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In a press conference on Thursday, ECB President acknowledged the increased interests that the central banks in several countries have exhibited in the digital currency space. She urged ECB to take the lead with regards to stablecoins.

 

ECB plans to establish clear goals for the bank’s digital currency task force by mid-2020.

In her first press conference, after she joined ECB as President last month, she mentioned that ECB plans to establish clear objectives for the bank’s digital currency task force by mid next year. She said, “My personal conviction is that given the current developments, not so much in the bitcoin segment but in the stablecoins projects, and we only know of one at the moment, but others are being explored and underway at the moment.”

She added that it is better to be ahead of the curve if that happens as there is clearly a demand out there that they have to respond to.

 

EU authorities continue to maintain a negative stance on private digital currencies.

Previously, EU authorities clarified that no global stablecoin should be launched until all legal, regulatory, and oversight risks are properly addressed. Several central banks around the country are working on launching their centralized digital currencies. China could be the first country to do so successfully. However, most of the lawmakers around the world are against decentralized cryptocurrencies.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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