The President of the European Central Bank Draws the Limits of the Digital Euro!

Christine Lagarde, President of the European Central Bank by the European Central Bank (ECB). digital euro will not be used for commercial purposes.

European Central Bank President Lagarde Says Digital Euro Will Not Be Used For Commercial Purposes

While discussing the limits of the central bank digital currency (CBDC) at a conference in Frankfurt on Wednesday, Lagarde said the ECB has assured that these payments will not be used for commercial purposes.

He stated that this is not the business of the central bank.

Before starting the study on the digital euro, the European Central Bank President referred to a survey conducted in January 2021 that put privacy at the top of the list of features European respondents expect from a digital currency.

Lagarde said that the digital euro is essentially a currency with slightly less anonymity.

However, it sells data collected through payments. cryptocurrency Unlike corporations, the European Central Bank promised to protect citizens.

The Federal Reserve will also focus on privacy, Federal Reserve Chairman Jerome Powell said on Tuesday.

Protection of privacy was one of the four digital currency features that Powell counted along with brokerage, authentication and interoperability. However, the US central bank has not decided to go with a digital currency for now.

On the other hand, the European Central Bank is working on a digital Euro prototype. The central bank announced earlier this month five partner companies that will help set up the trial payment system.

Evaluation and results of the project are expected to be received in March 2023.

How digital currencies will affect the financial world is also eagerly awaited by the authorities.

*Not investment advice.