As stablecoins and private digital currencies gain appeal worldwide, the European Central Bank (ECB) commitment doubled its commitment to retaining it at the heart of the European financial system.
Piero Cipollone, an executive board member of the ECB, on Monday explain In a blog post, even as central banks improve their digital euro plan, euro bills and coins will continue to play a role in the financial ecosystem.
“Rest assured: the digital euro will not replace banknotes and coins, but will supplement them,” Cipollone said, adding that the availability of cash in physical and electronic forms will enhance payment autonomy in Europe.
The ECB statement is Rapid growth in crypto payments and the ever-changing financial landscape, which is often used for cross-border payments and daily purchases.
ECB pushes digital euro
The ECB is developing a state-backed digital euro that can serve as a regulatory alternative to privately issued stable shares.
Cipollone said on April 8 that the euro will be Limiting the potential of foreign currency stability Become a common medium of communication in Europe. He said the failure to create a digital euro would lead to risks and deprive banks of their opportunities.
Despite the momentum driven by digital currencies, Cipollone reiterates that cash remains essential, especially in times of crisis, when digital infrastructure may be inaccessible.
“Cash will stay here,” he wrote, adding that “As we move forward, consumers in the euro zone will appreciate the wallets that will bring banknotes, coins and digital euros into their wallets.” “Everyone has a legal tender status, accessible at any time, anywhere, and tailored to a variety of payment preferences and programs.”
A ECB study reveals Europeans No interest in digital euros.
On March 13, a working paper from the European Central Bank showed that when asked to allocate 10,000 euros (about $10,800) of various assets, respondents allocated only a small fraction of the digital euros, with little impact on traditional assets such as cash.
Related: Crypto spending will grow, but Fiat won’t go anywhere: Mercuryo CEO
Does Europe have a stable dominance with common rules?
In a blog post Thursday, ECB adviser Jürgen Schaaf Fight our dollar rule.
He said the EU has a series of strategic options to address the rise of the US dollar’s stability. It includes regulated, stable and stable euros, distributed ledger technology (DLT) applications and digital euros.
https://www.youtube.com/watch?v=ziirhv3cbog
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