Viral social media videos allege that ECB President Christine Lagarde has announced plans to get rid of the likes of Visa, Mastercard and PayPal.

Frankfurt am Main

The European Union is not planning to ban American credit cards such as Visa and Mastercard, despite claims made in viral social media videos. These videos incorrectly suggest that European Central Bank (ECB) President Christine Lagarde has announced plans to eliminate these foreign payment systems in favor of European alternatives. An interview with Lagarde on Irish radio station Newstalk reveals that her statements were misinterpreted; she merely discussed the need for Europe to reduce dependence on U.S. and Chinese technology in digital payments infrastructure.

In the interview, conducted on April 2, Lagarde emphasized the importance of Europe developing its own payment systems as a precaution and not as a replacement for existing methods. She highlighted that most current payment solutions originate from either the U.S. or China and expressed a desire for a European option to be available to decrease vulnerability. Lagarde did not suggest the removal of American payment systems but instead spoke about coexistence with potential European alternatives.

Additionally, the ECB has confirmed that it is not advocating for the banning of these payment systems. The bank has also addressed misinformation regarding digital currencies, maintaining that the digital euro is intended to complement—not replace—cash and existing digital payment methods.



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