ECB asks public to weigh in on digital euro

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Frankfurt

The European Central bank “should be prepared” to possibly launch a digital currency, president Christine Lagarde said, adding that the public will be asked to weigh in on the issue. The Frankfurt institution will carry out a series of experiments with a digital euro over the next six months and launch a three-month public consultation from Oct. 12. A decision on whether to move ahead with a virtual currency project is expected around mid-2021, the ECB said. “Our role is to secure trust in money. We should be prepared to issue a digital euro, should the need arise,” Lagarde said. This digital currency would “complement cash, not replace it,” she added.—Arab News