Christine Lagarde, President of the European Central Bank (ECB), emphasized the importance of the digital euro in ensuring the autonomy of EU payment systems.
Lagarde highlighted the fact that most payment instruments used in the EU are not necessarily European, and thus it is crucial to be mindful of the means of payment.
Lagarde referred to this concept as “resilience” and stated that the digital euro would play a critical role in achieving it. In March, the European Parliament passed a bill allowing the use of zero-knowledge proof technology to safeguard EU citizens’ digital wallets’ privacy.
The bill also granted access to digital public services, bank accounts, and assets using personal digital wallets.
Lagarde announced in November that the European Commission would introduce a bill defining the digital euro as legal tender.
The ECB is currently working with the European Commission, Parliament, and Council to integrate the digital euro into the legislation of individual EU countries.
Lagarde emphasizes the need for regulatory and legal provisions that reflect the digital currency’s confidentiality and legal tender status.