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12/1/2020, 6:43 PM (Source: TeleTrader)
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ECB's Lagarde: China is ahead of EU on digital currency

President of the European Central Bank (ECB), Christine Lagarde admitted on Tuesday that China has made greater advancements in the field of digital currency than either the European Union or the United States.

Answering questions at Atlantic Council's event, she stated that China has started working on the idea of the central bank's digital currency earlier, but stressed that "being the first out of the gate" hasn't been ECB's priority.

While the "digital euro can be faster, cheaper, and safer" than physical money, there are still matters that have to be considered before deciding to make any substantial moves. "Preventing money laundering and financing of terrorism" has to be taken into account, Lagarde warned, adding that "securing the privacy" of central bank's digital currency users is one of ECB's priorities as well.

Breaking the News / BU