Worthy Christian News > World News > European Central Bank Says Digital Currency Will Compliment Cash

European Central Bank Says Digital Currency Will Compliment Cash

by Emmitt Barry, Worthy News Correspondent

(Worthy News) – Marking the 25th anniversary of the euro, the European Union’s unified currency, Christine Lagarde, President of the European Central Bank (ECB), highlighted that the development of their Central Bank Digital Currency (CBDC) is not intended to replace traditional cash, but rather to complement it.

“We are 25 years old, but this is only the beginning of the Euro’s Journey as we bring our currency into the digital age by preparing the foundation for a possible digital Euro to complement cash. By the way, by the same token, we are also working hard on even more beautiful bank notes,” stated Lagarde in a 2024 New Year’s Address.

“We will keep working towards greater European integration in whichever way we can. Your Euro, your money,” she continued.

Lagarde expressed enthusiasm about transitioning the Euro into the digital era in anticipation of introducing the Central Bank Digital Currency (CBDC). She emphasized that a “united Europe” holds the key to providing the solutions Europeans and the global community need.

In October of 2023, the governing council of the European Central Bank announced the initiation of a two-year “preparation phase” for the digital euro, starting from November 1, 2023.