Lagarde Says ECB Is Preparing Digital Euro to Complement Cash

European Central Bank President Christine Lagarde said the bank is preparing a digital euro as a digital equivalent of cash for everyday payments, with public and private payment options expected to coexist. “The digital euro will further stimulate innovation and competition in retail payments,” Lagarde said at the IMF Annual Meetings on Saturday. The ECB selected 36 payment service providers for a 12-month pilot planned for the second half of 2027. The planned uses include online and offline payments, transfers between people, e-commerce and purchases in physical stores. The pilot is part of a broader effort to create a payment option across the euro area.

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