Christine Lagarde Starts Looking Into Development Of A Stablecoin For The European Central Bank

Christine Lagarde, the president of the European Central Bank (ECB), has just said recently that she will meet the ever-increasing demand for stablecoins, such as Tether, by getting “ahead of the curve” in a quickly changing economic environment.

Speaking in her first press conference as president of the European company in Frankfurt, Germany, Lagarde explained that she is going to change a few things but made it very clear that she is going to do things her way.

Lagarde said:

“I will have my own style. Don’t over-interpret, don’t second guess, don’t cross-reference. I am going to be myself and therefore probably different.”

With this in mind, the now-president has promised to put the Central Bank at the very front of blockchain technology and especially when it comes to stablecoins. 

Christine goes onto note that stablecoins make transacting “as easy as using social media”. Moreover, she adds that they provide some big benefits to people’s digital lives.

Because of this, the bank has booted up its own task force in an attempt to make some big steps towards clearer goals such as the development of its own digital asset.

Lagarde adds:

“By mid-2020, we will identify the purpose that we have with that. Are we trying to reduce costs? Are we trying to cut out the middle man? Are we trying to have inclusive finance at no cost? There is a whole range of objectives that can be pursued. So, I think we will start by doing that, then we will identify the technicalities of it all.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!