According to the Irish Times report, the European Central Bank officials will meet this week in Frankfurt, Germany, this week to discuss the prospect of central bank-backed digital currency. Governing Council members are expected to talk about the topic formally at dinner on Wednesday, a day before their policy meeting. However, ECB did not confirm anything officially. Earlier, ECB had warned about the risks of global stablecoins.
Pro-crypto Christine Lagarde is now head of ECB.
Former Managing Director of the International Monetary Fund, Christine Lagarde, joined ECB as President last month. Lagarde is known for her positive stance on cryptocurrencies. Previously, she had said that cryptocurrencies should be given space to develop and recognize their role in wider social benefits while ensuring appropriate regulations in place.
ECB is looking to develop its own digital currency to ease cross-border settlements.
Earlier ECB said that it would develop its own digital currency if the private sector fails to make cross-border payments faster and cheaper. The central bank also argued that technological innovation is quickly transforming how retail payments are made. In an official document prepared for the European Parliament, the European Central Bank said that it is analyzing the situation and will be ready to respond if needed.
