ECB chief: digital euro is a supplement, but not a replacement for cash

The single digital currency of the European space will not be able to become a full replacement for cash, said the head of the European Central Bank (ECB) Christine Lagarde during the Franco-German parliamentary assembly.

“Cryptocurrencies can only act as a supplement, not a replacement for banknotes. Such an asset could be seen as an alternative to instruments developed by private companies and ensure that sovereign money remains at the heart of the European payment system, ”she said.

According to Christine Lagarde, the current instability in the global economy is forcing regulators to pay special attention to digital technologies when working with finance. “Everyone should be ready for the profound changes that are currently affecting our economy and our society,” concluded the head of the ECB.