According to PANews, ECB Executive Board member Cipollone said that although the central bank has long provided digital settlement for wholesale transactions, there is no digital cash yet. As the use of cash decreases, the European Commission has proposed legislation to ensure cash acceptance, and the ECB is committed to maintaining the availability of euro cash.
Cipollone pointed out that the trend of reducing the use of paper money reflects the digitalization of economic activities. Europe needs to act quickly to address the risks of integration and autonomy of the retail payment system. The digital euro project aims to bring central bank money into the digital age, provide digital currency equivalent to paper money, and enhance monetary sovereignty.
