European Central Bank (ECB) President Christine Lagarde stated on Friday that the digital euro, a central bank digital currency (CBDC), is a unifying force for the European Union (EU) and expressed that the ECB's goal is to launch the digital euro "as soon as possible."
"Just as banknotes will continue to circulate, we want cash to exist in the form of a digital euro," Lagarde said, adding that central bank digital currencies could be used for online payments in the EU. She continued:
The ECB's Governing Council announced on Thursday that it will continue to advance the construction of the technical infrastructure to test and deploy retail CBDCs, with plans to launch in 2029, provided that EU lawmakers pass legislation allowing the ECB to issue them.
CBDCs are widely seen as opposed to the core ideas of cryptocurrencies and permissionless, decentralized finance (DeFi). Critics argue that CBDCs create a digital prison that could threaten civil liberties, freedom of speech, and human rights.
The ECB's announcement has sparked strong criticism from the crypto community and received overwhelming negative feedback.
"Go away, witch, we want to use private money," wrote Mert Mumtaz, CEO of RPC node provider Helius, in response to Lagarde and the ECB.
"A common currency is a 'symbol of trust in our common destiny,' but creating a central bank digital currency erodes that trust by opening the door to real-time monitoring of our payment and consumption habits," political writer David Thunder stated.
Meanwhile, European lawmakers from France and Germany have submitted legal proposals to ban CBDCs and embrace Bitcoin (BTC), a decentralized, neutral digital currency with a capped supply.
Éric Ciotti from the French political party The Republicans led a proposal on Wednesday to ban CBDCs in the country. The German political party Alternative for Germany also submitted a motion in October urging the government to consider BTC as a national strategic asset.
Related: EU considers implementing SEC-like regulations on stocks and crypto exchanges to promote startup development
Original article: “ECB President: Digital Euro CBDC is a ‘Symbol of Trust in Our Common Destiny’”
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