European Central Bank (ECB) has divulged in the recent past that they intend to accelerate its plans for a central bank digital currency (CBDC) upon consumers’ discomfort in cash transactions.

ECB President, Christine Lagarde has again clarified about their plans and reassessment of native digital currency (i.e. CBDC) in its road ahead.

In an interview with French business magazine, ‘Challenges’, Lagarde emphasized the central bank’s constructive approach for native cryptocurrency to stabilize a potential waning in the use of cash. as ECB chief

ECB’s optimism for CBDC is not a new thing, soon after replacing Mario Draghi who carried dubious eyes on cryptocurrency space, Lagarde has constantly been active in functioning with member states' of central banks to assess "the feasibility of a euro area CBDC in various forms, establishing a task force in this regard is evident.

With sovereign governments and their central banks across the globe have been exploring the essence and the opportunities of CBDC (Central Bank Digital Currency) foreseeing a swift transformation phase in the prevailing finance system. The advanced era of FinTech has come up with the new trends and inventions, such as, Smart contracts & DeFi which seem to be lucrative prospects and is most likely to hit the financial avenue by endorsing luring use cases of digital assets that enables flexibility, controllability of the financial as well as real assets, efficient trade finance & loans business and offer interest-bearing contracts etc.

To substantiate ECB’s stance on CBDC, the First Deputy Governor of Banque de France, Denis Beau, has also recently recommended deploying distributed ledger technology (DLT) for euro payment settlements within the Eurozone.

While at the Second Annual Capital Markets Technology and Innovation Conference, Denis Beau advocatedthe European Central Bank (ECB) that the European Central Bank (ECB) should be liberal in experimenting with distributed ledger technology (DLT) as a way of settling euro-denominated transactions.