ECB: Cash is ‘here to stay’ even as digital euro advances

ECB Executive Board member Piero Cipollone said that a digital euro will not replace physical money but complement it to preserve payment autonomy.

As stablecoins and private digital currencies gain traction globally, the European Central Bank (ECB) doubled down on its commitment to keep public money, both physical and digital, at the core of Europe’s financial system.

On Monday, ECB Executive Board member Piero Cipollone said in a blog post that euro banknotes and coins will continue to play a role in the financial ecosystem even if the central bank advances its digital euro plan. 

“And rest assured: A digital euro will not replace banknotes and coins but rather complement them,” Cipollone said, adding that cash’s availability in both physical and electronic form will strengthen Europe’s payment autonomy. 

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