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European Commission supports digital euro initiative

European Commissioner for the Economy Paolo Gentiloni stated on Friday that the commission supports the initiative of the European Central Bank and its president Christine Lagarde to look into using digital currencies for the union.

NEWS IN ENGLISH 16.04.2021, 16:47
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European Commission supports digital euro initiative
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Commenting on the potential use of the digital euro, Gentiloni stated that "this is a potentially important element of a strong and innovative digital finance sector," adding that digital currencies are "more efficient and resilient payment systems."

Furthermore, he commented that the digital euro could have broader applications in European policy objectives, such as digitalizing the economy and strengthening the euro. 

Gentiloni was cautious, however, saying that the project "implies both opportunities and risks," that there are many things that need to be taken into account before implementation, and that it will take time both legally and technically to see it through.

Lagarde stated earlier today that the ECB has a duty to "make digital currencies available that would operate to the benefit of consumers," repeating her previous comments that the Eurozone sees a clear demand for it. ECB's Fabio Panetta was also supportive of digital currency saying that it would help cut costs and boost digitalization.

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