The European Central Bank (ECB) is considering launching a digital euro that is designed to complement cash.
In a statement on October 12th to the Committee on Economic and Monetary Affairs of the European Parliament, ECB executive board member Fabio Panetta says that the need for a digital euro is fast approaching as the European society is moving quickly towards digital payments.
“We do not have a digital currency issued by the central bank that we can use for all our daily transactions. A digital euro would fill this gap and be a digital equivalent of euro banknotes. It would complement cash, not replace it.”
Panetta also highlights that the digital euro would not invade the privacy of its users.
“A digital euro would conform to the people’s fundamental right to privacy – we are already exploring ways of enhancing it. Unlike private suppliers, the central bank has no commercial interests related to