An Executive Board member of the European Central Bank said a digital euro would not replace banks, but could help preserve their role within the European Union’s monetary system. The official warned that without a digital euro, the euro area’s monetary system could face fragmentation. According to the remarks cited in the report, the project is designed to offer a safe and convenient central bank digital currency while preserving financial stability and the banking sector’s intermediation function. The European Central Bank is continuing to advance the digital euro initiative as it responds to technological change in payments. The item was carried by Techub News and cited Cointelegraph as the source referenced in the brief.
Techub News reported that an Executive Board member of the European Central Bank said a digital euro would not replace the role of banks, but would help ensure that banks continue to function within the European Union’s monetary system.
The official said the euro area’s monetary system could face fragmentation risk if a digital euro is not introduced.
According to the remarks, the digital euro is intended to provide a safe and convenient central bank digital currency while maintaining financial stability and the banking intermediation function. The European Central Bank is continuing to move the digital euro project forward in response to technological change in the payments sector.
The brief cited Cointelegraph.
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