{"id":17585,"date":"2025-11-02T02:22:33","date_gmt":"2025-11-02T01:22:33","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=17585"},"modified":"2025-11-02T02:22:33","modified_gmt":"2025-11-02T01:22:33","slug":"ecb-chief-advocates-for-cbdc-as-a-catalyst-for-european-unity","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/11\/02\/ecb-chief-advocates-for-cbdc-as-a-catalyst-for-european-unity\/","title":{"rendered":"“ECB Chief Advocates for CBDC as a Catalyst for European Unity”"},"content":{"rendered":"

“`html
\n<\/p>\n

\n

European Central Bank (ECB) chairperson Christine Lagarde published a declaration on Friday praising the digital euro, a central bank digital currency (CBDC), as an integrating element in the European Union (EU) and stated that the ECB intends to introduce it \u201cas soon as feasible.\u201d<\/p>\n

\u201cWhile physical currency will persist in circulation, we desire cash to also exist in the form of a digital euro,\u201d Lagarde mentioned<\/a>, further explaining that the central bank digital currency<\/a> could facilitate online transactions within the EU. She proceeded:<\/p>\n

\u201cThis is a significant undertaking because the euro represents our currency, your currency. It unites us. It’s a mark of trust in our shared future, so we embark on this journey with the digital euro in the subsequent and final stage of preparation.\u201d<\/p><\/blockquote>\n

Source: <\/em>European Central Bank<\/em><\/a><\/figcaption><\/figure>\n

The ECB governing council revealed<\/a> on Thursday that it will proceed with developing the technical framework to test and implement a retail CBDC, scheduled to commence in 2029<\/a>, contingent upon EU legislators approving regulations that permit the ECB to issue it.<\/p>\n

CBDCs are broadly perceived as contrary to cryptocurrency and the foundational principles of permissionless, decentralized finance (DeFi). Detractors contend that CBDCs establish a digital confinement<\/a> that may jeopardize civil liberties, freedom of expression, and human rights.<\/p>\n

Related: <\/strong><\/em>European Central Bank selects technological partners for digital euro<\/strong><\/em><\/a><\/p>\n

ECB announcement faces strong opposition from the crypto sector<\/h2>\n

The ECB announcement faced significant backlash from the crypto sector and received predominantly negative reactions.<\/p>\n

\u201cDepart, witch, we’re opting for private currency,\u201d Mert Mumtaz, the CEO of remote procedure call (RPC) node provider Helius, commented<\/a> in reply to Lagarde and the ECB.<\/p>\n