According to Sibuloni, the availability of physical and electronic currencies will enhance payment autonomy in Europe.
To provide a regulated alternative to stablecoins created by the private sector, the European Central Bank is creating a state-backed digital euro.
The European Central Bank has reaffirmed its commitment to maintaining both physical and digital public money as a cornerstone of the European financial system. This comes despite the increasing popularity of stablecoins and private digital currencies worldwide.
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Even as the European Central Bank moves forward with its digital euro plan, cash and euro coins will remain part of the financial system, according to a blog post by Pierluigi Sibuloni, a member of the Executive Board of the European Central Bank, published on Monday.
Reliance on paper currencies
According to Sibuloni, the availability of physical and electronic currencies will enhance payment autonomy in Europe. He added that the digital euro will not replace cash and coins but will complement them.
The popularity of stablecoins in international and local transactions is increasing, and the European Central Bank's statements come at a time when the number of cryptocurrency payments continues to rise rapidly. To provide a regulated alternative to stablecoins created by the private sector, the European Central Bank is creating a state-backed digital euro.
Sibuloni stated on April 8 that the digital euro will make it difficult for stablecoins denominated in other currencies to become a standard form of trading across Europe. He warned that the bank would miss opportunities and face risks if the digital euro is not created.
The movement of digital currencies is gaining increasing momentum, but Sibuloni emphasized that cash remains essential, especially in emergencies when internet access is limited. The digital euro has not sparked curiosity among Europeans, according to research conducted by the European Central Bank in March.
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