According to Cipollone, the availability of both physical and electronic currency would enhance Europe’s payment autonomy.
To provide a regulated alternative to privately created stablecoins, the ECB is creating a digital euro backed by the state.
The ECB reaffirmed its determination to maintain physical and digital public money as the backbone of Europe’s financial system. This is despite the growing popularity of stablecoins and private digital currencies throughout the world.
Even as the European Central Bank moves forward with its digital Euro plan, Euro banknotes and coins will still have a place in the financial system, according to ECB Executive Board member Piero Cipollone’s blog post from Monday.
Banking on Fiat
According to Cipollone, the availability of both physical and electronic currency would enhance Europe’s payment autonomy. He also said that a digital euro will not replace banknotes and coins, but rather complement them.
Stablecoins are becomin
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