2024-02-14 20:00:44
The introduction of the digital euro will not remove the possibility for consumers to pay in cash. Piero Cipollone, who is a member of the Executive Board of the European Central Bank (ECB), said this today to the Committee on Economic and Monetary Affairs (ECON) of the European Parliament.
The digital euro will be a European means of payment that can be used for free for electronic payments anywhere in the eurozone. This is indicated on the website of the financial institution.
Cipollone assured that the Governing Council of the ECB will not take any decision related to the introduction of the digital euro until the relevant legislative act is adopted.
The representative of the ECB Executive Board pointed out the factors that are key to the successful implementation of the preparatory phase of the program. Potential digital service providers need to be identified. They must create a platform through which digital euro payments will be made, as well as build the necessary infrastructure for its operation. Rules must be prepared on the basis of which the digital euro will function and the stability of the financial system must be guaranteed, BTA reports.
“Last but not least, we need to guarantee a much higher level of security for consumers who will be making electronic payments,” said Cipollone.