In a statement on 12 October, in front of the Economic and Monetary Commission of the European Parliament, European Central Bank (ECB) executive member, Fabio Panetta, stated that demand for the euro Digital is on the rise as European society accelerates its transition to digital payments.
“We don't have a central bank-issued digital currency that we can use for all of our daily transactions. But with the digital euro will fill this void ”
The European Central Bank (ECB) has considered developing a digital currency with a role as the equivalent of euro banknotes.
"The digital euro will supplement cash, not completely replace cash," Panetta stressed.
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“A digital euro has to focus on privacy, we are exploring ways to improve privacy. Unlike private suppliers, central banks have no commercial interest in relation to consumer data ”
Although cash is still the preferred method of transaction, its attractiveness has decreased recently. In some countries, cash payments dropped from 79% in 2016 to 73% in 2019, Panetta noted.
If people do not want to use cash, the European Central Bank needs to provide a new, safer and easier payment method.
"The role of the central bank is to provide people with access to simpler, more secure and, of course, risk-free payment methods."
Panetta stressed that the digital euro, when launched, must solve legal, technological and policy issues.
And most importantly, the digital euro must be designed to be simple, easy to use, and aligned with key policy goals, Panetta said: "it has to come from the trust of the people."
"To be successful, this digital currency must receive support from the people ... otherwise everything will collapse"
Talking about the image of the digital euro, Panetta said: “It will be a digital symbol of progress and integration in Europe. And this currency will support the international role of the euro.