President of the European Central Bank (ECB) Christine Lagarde has announced that the ECB has assembled a task force to look into and analyze the feasibility and potential outcome of establishing a Central Bank Digital Currency (CBDC). Lagarde explained that this was aimed at ensuring the European Central Bank plays an active role in fostering cheap and speedy payment transactions, likewise exploring the benefits of having a CBDC. With this development, Europe would join the rest of the world in their pursuit of having a central CBDC. Currently, China, Bahamas, alongside some other countries, are championing the cause of launching