European Central Bank (ECB) President Christine Lagarde says that the digital euro currently being worked on by the EU will adhere to strict privacy rules. In an announcement from the ECB, the central bank says that it’s moving into the “preparation phase” of its digital euro project following a decision from its Governing Council. The […]
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An executive at the European Central Bank (ECB) is sounding off against digital assets, saying that the nascent asset class is dangerous and offers no benefit to society. Speaking at a panel about the future of crypto assets during the 22nd Bank for International Settlements Annual Conference, Fabio Panetta, a member of the ECB’s executive […]
The post European Central Bank Executive Calls Crypto ‘Deleterious,’ Says Asset Class Has No Societal Benefits appeared first on The Daily Hodl.
Consumers in the euro area have sharply raised their expectations about inflation in the coming months, the European Central Bank revealed. Survey data showing this comes after the monetary authority slowed the pace of its rate hikes last week while indicating that it’s still early for a pause. ECB Registers Heightened Consumer Expectations About Inflation […]
The European Central Bank (ECB) raised its key interest rates by 25 basis points, slowing the pace from previous increases. However, as inflation in the euro area remains persistently high, future rate hikes may still be expected with the regulator insisting it will continue to seek a “timely return” to its 2% inflation target and […]
Fabio Panetta, a member of the executive board of the European Central Bank (ECB), announced the digital euro project was entering its final phase. Before the committee on economic and monetary affairs of the European Parliament, Panetta stated that the digital euro, if approved, would be focused on making payments easier for Europeans. ECB’s Panetta […]
There is a lot of discussion lately about the U.S. government’s debt ceiling and whether Congress will act before defaulting. In a recent interview, Christine Lagarde, the president of the European Central Bank (ECB), said she is confident the U.S. can maintain its debt obligations. However, she warned that if the U.S. were to default […]
Further rate hikes are warranted by persisting inflation in the eurozone, according to members of its monetary authority’s decision-making body. Two central bank governors, with different opinions about how aggressive the European Central Bank should be, nevertheless agree that more increases of key interest rates are yet to come. ECB Has Some Hikes Left to […]
A European Central Bank Supervisory Board member has warned that the crypto rules in the EU’s Markets in Crypto-Assets (MiCA) bill “will not be sufficient on their own.” While emphasizing that “MiCA will set out important safeguards to prevent incidents similar to the FTX case from occurring,” she cautioned: “Certain areas still need further strengthening.” […]
Amid underlying inflationary pressures, further interest rate increases may still be needed, members of the European Central Bank’s Governing Council have admitted. At the same time, the cycle with the highest hikes may soon be over, the officials indicated. End of Most Aggressive Rate Hikes in Sight Despite Inflation, but More to Come Before It’s […]
The ECB president admitted that “there will be control” in regards to a digital euro, much to the displeasure of the crypto community.
A widely shared video of European Central Bank President Christine Lagarde admitting that a digital euro will be used in a “limited” way to control the payments that people can make was taken from a three-week-old prank video.
The video was highlighted by the breaking news account Watcher Guru on April 6 and generated a significant amount of social media chatter. In it, Lagarde cited a desire to not be reliant on an “unfriendly countries currency,” or a currency provided by a “private corporate entity like Facebook or like Google.” She said she is “personally convinced that we have to move ahead” with the digital euro.
JUST IN: European Central Bank President reveals plans to launch a digital euro (CBDC), says there will be control over payments. pic.twitter.com/szCFxBkZDR
— Watcher.Guru (@WatcherGuru) April 6, 2023
Cointelegraph traced the original source of the video to a prank video from March 17 in which Lagarde appears to speak more candidly than normal, as she believed she was speaking to Ukraine President Volodymyr Zelensky.
The pranksters have had similar conversations with other public figures, including Harry Potter author J.K. Rowling and former United States President George W. Bush.
When “Zelensky" noted that “the problem is they [European protestors] don’t want to be controlled” by a central bank digital currency, Lagarde admitted that “there will be control, you’re right. You’re completely right,” but suggested it would be a “limited amount of control,” adding:
“We are considering whether for very small amounts, anything that is around 300, 400 euros, we could have a mechanism where there is zero control. But that could be dangerous.”
But Lagarde noted that terrorist attacks can, and have been, entirely financed by small, anonymous transactions.
Related: CBDCs ‘threaten Americans’ core freedoms’ — Cato Institute
Lagarde’s comments have been heavily criticized by the crypto community, particularly relating to her mention that a digital euro would allow for control over people and payments.
BREAKING: European Central Bank President speaks about plans to launch a digital euro (CBDC),
— MASON VERSLUIS (@MasonVersluis) April 6, 2023
She says there will be control over payments.
This is HORRIBLE folks! Do NOT give into their control. Turn to crypto and $XRP, not this bullshit!
The harder they push control upon… pic.twitter.com/rfZ1Eh6Roa
Some users saw the bright side, suggesting that by making it clear “where all this is going,” people will be pushed towards using decentralized currencies such as Bitcoin (BTC).
I’d personally like to thank Christina LeGarde for choosing to advance bitcoin by making it so painfully obvious to the masses where all this is going.
— ₿itcoin Kramer ⚡️⚡️⚡️ (@KramericaBTC_) April 7, 2023
The ECB began a two-year investigation into a digital euro back in July 2021 and has been reporting on its progress.
The investigation is set to conclude on Sept. 29, and according to Lagarde, a decision about whether one will be launched will be made in October.
Asia Express: Zhu Su’s exchange did $13.64 in volume akshually, Huobi in crisis
