Digital Euro System Launches in Europe, EU Commission Assures Cash Will Remain Relevant
The European Commission has put forth a legislative plan for the introduction of a digital euro payments system.
Emphasizing that it will not replace physical cash. While recognizing that a majority of Europeans still prefer using cash. There has been a noticeable rise in digital payments, accelerated by the COVID-19 pandemic. To accommodate these trends. The Commission has proposed two sets of measures: one to launch the digital euro and another to protect the use of cash. The European Central Bank (ECB) has welcomed these proposals and is prepared to provide technical input for the implementation of the digital euro.
ECB President Christine Lagarde stresses the importance of ensuring the euro is fit for the digital age. While Executive Board member Fabio Panetta highlights the aim of incorporating the beneficial aspects of cash into the digital sphere.
Clever Robot News Desk 29th June 2023