“A digital euro will be the perfect solution after the pandemic,” ECB President says

European Central Bank (ECB) President Christine Lagarde has said that the Eurozone might benefit from Digital Euro when the EU is in the recovery phase after Covid-19.

Lagarde was optimistic about Digital Euro, saying that instead of considering it as a counterbalance to cash, it could be a complement to cash, especially in the context of the COVID 19 still raging. In a move in favor of money 4.0, the ECB president’s adoption of the e-Euro would be a good solution instead of using private crypto units.

“A digital euro could be a complement to, not a substitute for cash,” ECB President  said

Speaking at the French-German Parliamentary Assembly, a council of 50 members from Germany and 50 members from France, Lagarde spoke about the importance of having a new technology for the common currency. the world’s largest.

The ECB President mentioned that the digitization of the European economy is not only a temporary solution to overcoming the consequences of the pandemic but also a premise for long-term development. In order to confirm the above opinion, she argued:

“In a more digitized economy, we need to ensure the power and initiative of the payment system. The Euro ecosystem will have to pursue many new innovations. We are thoroughly researching the benefits, risks and challenges of implementing this initiative. A digital euro could be a complement to, not a substitute for cash,”

COVID promotes the adoption of cryptocurrencies in Europe

Recently, BeinCrypto reported that the European Union is proposing to test the application of crypto assets in payment infrastructure for four years. Documents from the EC reveal that the quarantine period clearly demonstrates that Europe needs to eliminate a solution that relies too much on cash.

Similar to Ms. Lagarde’s statement in Frankfurt, EC documents constantly refer to the autonomy of a payment infrastructure with digital technology. The move comes after the European 16-bank alliance announced its cooperation to create a separate payment ecosystem for Europe, scheduled to be officially launched in 2022.