European Central Bank Creates a Task Force to Investigate Digital Currency

Christine Lagarde recently stated that the European Central Bank (ECB) has put together a task force to examine the possibility and outcome of creating a Central Bank Digital Currency (CBDC). As President of the ECB, Lagarde has clarified that the task force has been assembled in order to assess the advantages, unforeseen side-effects and the practicality of a CBDC. She also recognised the improved services that private companies are providing to consumers, and does not wish to fall into the traditional banking trap of offering outdated payment processes. The ECB appears keen to adopt the faster and less costly settlement times that Distributed Ledger Technology can offer.