The European Central Bank (ECB) President Christine Lagarde believes that there is a high demand for digital currencies out there and urges ECB to get ahead of the curve on stablecoins.
Speaking during her debut press conference on Thursday, Lagarde stressed about countries considering launching their own stablecoins due to escalating interest received by their respective central banks in the digital currency space. She highlights that ECB should lead the wave of the decentralized domestic currency. However, according to her statements, ECB might propose clear objectives for its upcoming stablecoin by mid next year.
My personal conviction is that give the developments we are seeing, not so much in the bitcoin segment, but in the stable coins projects and we only know of one at the moment but others are being explored and underway at the moment. We’d better be ahead of the curve if that happens because there is clearly a demand out there that we have to respond to.
While she seems adamant about stablecoin, she sidelines Bitcoin – interestingly, the co-founder of Morgan Creek Digital, Anthony Pompliano caught up Legarde’s statement and retorts “Bitcoin didn’t need permission to innovate”.
No amount of committees, press conferences, or business plans is going to help those that are set to be disrupted, tweeted Pomp.
Undoubtedly, the year 2019 witnessed hype on stablecoins. However, China has become quite an active player in adopting the nascent blockchain technology and announcing a few features about its forthcoming digital currency. It’s worth noting that, ECB has previously been questioned if it’s considering the launch of digital currency – but there is no definite response observed so far.
Nevertheless, her latest remark about digital currency certainly reveals ECB’s attempt on accelerating the effort to enter into digital space. In fact, she seeks ECB should be ahead of the curve with digital currency as she sees an upward interest graph received by Canadian and British counterparts.
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