In what we think is a controversial declaration, European Central Bank (ECB) President Christine Lagarde calls digital euro CBDC a “symbol of trust in our common destiny”.
She also said the ECB is pushing to launch it as soon as possible.
Speaking to an audience in Frankfurt, Lagarde emphasized the ECB’s rush toward implementation.
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“As much as banknotes will continue to circulate, we want cash to be in the form of a digital euro as well,” she said.
She went on to argue that the digital euro CBDC would streamline online payments across the European Union fostering seamless transactions from Berlin to Barcelona.
“This is a big project because the euro is our currency, your currency. It brings us together,” Lagarde seems convinced.
She even framed the CBDC initiative as the next phase in the euro’s evolution, binding 340 million citizens in shared financial harmony.
The ECB’s governing council doubled down on Thursday, greenlighting technical preparations for a retail digital euro CBDC rollout as early as 2029, pending EU legislative approval.
Backlash against the Digital Euro CBDC
However, Christine Lagard’s remarks were met with extreme backlash by crypto enthusiasts and those in the industry across Europe.
Many view the digital euro CBDC as a dystopian overreach, potentially eroding privacy and paving the way for unprecedented surveillance.
Those in the industry view the digital euro CBDC as antithetical to the decentralized spirit of cryptocurrencies like Bitcoin. The crypto community erupted online.
One analyst speaking up said, “CBDCs create a digital prison that endangers civil liberties, freedom of speech, and human rights.”.
Mert Mumtaz, the CEO of Helius Labs said, “Begone, witch, we’re gonna use private money.”
He echoed similar sentiments last week upon Kyrgyzstan announcing KGST stablecoin sister project, the CBDC, calling it a “dystopian” betrayal of crypto’s core.
Political writer David Thunder amplified the alarm, noting, “Creating a central bank digital currency erodes that trust by opening the door to real-time monitoring of our payments and spending habits.”
The backlash spurs action
In France, Éric Ciotti of the Union of the Right for the Republic introduced a proposal to carpet ban the digital euro CBDC.
Instead, he advocated for Bitcoin’s decentralized model, currently trading at $110,570.
Germany’s Alternative for Germany party lodged a motion in October, urging Berlin to designate BTC a national strategic asset and reject CBDC entanglements.
In this context, how the ECB will manage to unite people across the European Union via digital euro CBDC when many are opposed to it, remains to be seen.
