Pandemic has accelerated adoption of digital currency: ECB President

Pandemic has accelerated adoption of digital currency: ECB President

The pandemic has seen consumers adopt digital payments in increasing numbers and the trend was accelerating, said the President of the European Central Bank (ECB) Christine Lagarde.

She also indicated a panel of euro-zone central bank officials is set to reveal a verdict on a European central bank digital currency (CBDC) imminently.

Speaking at an online conference hosted by Deutsche Bundesbank on Sept. 10, Lagarde, stated that EU residents had embraced digitalization, with e-commerce sales increasing roughly 20% between February and June, even as total retail sales declined 1.2%. She said the volume of online payments had experienced “double-digit growth rates” since the start of the outbreak.

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“The pandemic has served as a catalyst, accelerating the transition towards a digital new normal,” Lagarde stated. “A vast majority of consumers expect to continue to use digital services as often as they do now or even more often.”

Other institutions have reached the same conclusion as data comes in regarding the

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