The President of the European Central Bank (ECB), Christine Lagarde, announced that she supports accelerating work on the digital euro.
Lagarde stated that the bank’s digital euro team is working hard to move the project forward and supports accelerating this process.
Speaking at a press conference of the European Central Bank, Lagarde referred to the two-year research period for the digital euro:
“I hope we can speed this up. I will definitely support it”
The EU and US imposed heavy sanctions on Russia following the invasion of Ukraine, and concerns that Russia could evade sanctions with crypto prompted regulators to step up efforts to regulate the industry.
US President Joe Biden also signed an executive order yesterday on crypto. Biden demanded that the government consider the risks and benefits of launching a digital dollar.
In September, ECB advisor Jürgen Schaaf stressed that the bank’s work on the digital euro does not guarantee that the euro will be released.
Lagarde announced last year that the digital euro could be launched by 2025.
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