The European Central Bank aims to issue a digital euro to replace 50% of physical cash, significantly altering cash demand and bank deposits within the EU. Piero Cipollone stresses the need for consistent digital payment regulations across the euro area.
The ECB’s move aligns with global trends towards digital currencies, as seen in China and the Bahamas, which have reduced cash dependency. Experts believe this transformation will decrease transaction costs and enhance financial ecosystems.
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