As electronic transactions continue to gain ground, the European Central Bank is sending a clear message: cash is not going away. The digital euro, currently under development, will represent a new form of legal tender that will coexist alongside banknotes and coins, offering European citizens more payment choices than ever before.
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Lagarde: “The digital euro is coming — and cash will remain valid too!”
“The digital euro is coming — and cash will remain valid too!” This was the response that European Central Bank President Christine Lagarde gave to New Democracy MEP Giorgos Autias during a session of the European Parliament’s Economic Affairs Committee.
Ms. Lagarde emphasized that “both cash and the digital euro are forms of legal tender, and citizens must retain the freedom to choose how they make their payments. The European Union recognizes that the transition to a more digital economy must not deprive citizens of the ability to transact in cash.” Euro banknotes and coins remain an integral part of economic and social life. Cash remains the only physical public money issued by the central bank and accessible to all citizens, regardless of age, income, or digital skills. Cash, she stressed, will continue to be protected as a fundamental right of every citizen.
Watch the exchange between the Greek MEP and the ECB President:
