European Central Bank president says ‘digital euro’ is needed but will never replace cash

Christine Lagarde said a digital currency would protect European resilience and end reliance on outside digital payment methods

Christine Lagarde said that: ‘A digital currency will never be as anonymous as cash. Which is why cash will always be around.” Picture: Getty Images

A digital euro has a key role to play in safeguarding European payment autonomy, according to Christine Lagarde, European Central Bank President.

Lagarde said that it is not healthy for the EU to reply on a single source of payment for critical aspects of daily life, which she said was highlighted by Russia’s decision to weaponize energy supply following its invasion of Ukraine.