As stablecoins and private digital currencies become increasingly popular worldwide, the European Central Bank (ECB) has once again reaffirmed its commitment to ensuring that public money (whether in physical or digital form) remains at the core of the European financial system.
On Monday, ECB Executive Board member Piero Cipollone stated in a blog post that even as the central bank advances its digital euro initiative, euro banknotes and coins will continue to play a role in the financial ecosystem.
Cipollone emphasized that the digital euro will not replace banknotes and coins but will coexist with them. He added that cash exists in both physical and electronic forms, which helps enhance Europe's payment autonomy.
The ECB made this statement amid the rapid growth of cryptocurrency payments, the changing financial landscape, and the frequent use of stablecoins in cross-border payments and everyday consumption.
The ECB is developing a state-backed digital euro as a regulated alternative to privately issued stablecoins.
On April 8, Cipollone stated that the digital euro would limit the potential for foreign stablecoins to become a common medium in Europe. He pointed out that failing to launch the digital euro would pose risks and cause the central bank to miss opportunities.
Despite the strong momentum for digital currency advancement, Cipollone reiterated that cash remains indispensable, especially during crises when digital infrastructure may be unavailable.
He wrote, "Cash will still exist." He added, "In the future, consumers in the euro area will be happy to have banknotes, coins, and the digital euro in their wallets. All of these have legal tender status and can be used anytime and anywhere to meet diverse payment preferences and scenario needs."
A study by the ECB in March showed that Europeans have little interest in the digital euro.
On March 13, a working paper from the ECB indicated that when asked to allocate €10,000 (approximately $10,800) across various assets, respondents allocated only a small portion to the digital euro, with little impact on traditional assets like cash.
On Thursday, ECB advisor Jürgen Schaaf called for global collaborative regulation of stablecoins to address the dominance of the dollar.
He stated that the EU has a range of strategic options to respond to the rise of dollar stablecoins. This includes regulated stablecoins pegged to the euro, distributed ledger technology (DLT) applications, and the digital euro.
Related: Democrats pressure banking regulators, questioning Trump’s conflict of interest in stablecoins
Original: “ECB Reaffirms: Digital Euro Process Accelerates, but Cash's Status is Irreplaceable”
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