ECB asks citizens to weigh in on digital euro
The European Central bank "should be prepared" to possibly launch a digital currency, president Christine Lagarde said Friday, adding that the public will be asked to weigh in on the issue.
The Frankfurt institution will carry out a series of experiments with a digital euro over the next six months and launch a threemonth public consultation from October 12.
A decision on whether to move ahead with a virtual currency project is expected around mid-2021, the ECB said.
"Our role is to secure trust in money... We should be prepared to issue a digital euro, should the need arise," Lagarde said in a statement. This digital currency would "complement cash, not replace it", the statement added.
The move comes as consumers increasingly pivot towards cashless payments, and the ECB is wary of falling behind so-called cryptocurrencies issued by private players like Bitcoin and Facebook's yet-to-belaunched Libra.
Japanese stocks edged up Friday as they reopened after being shut down all the previous day by a technical fault, though markets across Asia were mixed in holidaythinned trade with investors keeping an eye on stimulus talks in Washington.
After September's selloff, Wall Street got the new quarter off to a positive start as technology firms appeared to rediscover their mojo, helped by a dip in US jobless claims that provided hope for key non-farm payrolls data later in the day.
However, news that several big-name firms including Walt Disney, American Airlines and United had cut tens of thousands of posts, and that Americans' personal income had dived, fuelled concerns about the outlook for the consumer-driven US economy.
The bigger-than-feared fall in income came as expectations dwindled that US lawmakers will have time to pass a new stimulus package before the November 3 presidential election.