WARNING: Central Bank Digital Currency Coming Faster Than Originally Thought
Published: November 13, 2020
Source: Economic Policy Journal
European Central Bank President Christine Lagarde signaled that her institution could create a digital currency within a few years in what would be a dramatic change to the euro zone’s financial sector, reports Bloomberg.
“My hunch is that it will come,” Lagarde said Thursday during a virtual panel discussion hosted by the ECB. “If it’s cheaper, faster, more secure for the users then we should explore it. If it’s going to contribute to a better monetary sovereignty, a better autonomy for the euro area, I think we should explore it.”
She said it might only take between two to four years before the currency is launched.
As I have pointed out, a full government-controlled digital currency, where paper currency is eliminated, would be extremely dangerous as it would have the capability to track all monetary transactions. Thus, it would also be able to ban and prevent transactions not in its interest.
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