Why the ECB’s Digital Euro is the New It-Girl of Sovereign Cash

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Oh, the drama! Piero Cipollone, a member of the ECB executive board, has declared the digital euro as the savior of sovereign payments in Europe. He insists that this digital marvel will keep the banks in the loop, unlike those pesky stablecoins that aim to cut them out of the picture. 🤔

//www.ecb.europa.eu/press/key/date/2025/html/ecb.sp250710~7d5aeae662.en.html”>proclaimed

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“By introducing a digital euro we would aim to offer a digital equivalent of cash, which preserves Europeans’ freedom to pay with sovereign money, is free for basic use, preserves privacy, fosters resilience and is accepted throughout the euro area, for any digital payment.”

Moreover, he painted the digital euro as a sort of digital knight in shining armor, ready to combat the rising tide of stablecoins. This digital hero will ensure that private payment providers and banks can “retain fees and data” and “maintain client relationships.” How generous of it! 🙌

Cipollone’s eloquent discourse echoes the sentiments of ECB President Christine Lagarde, who has previously warned of the “public good” status of money and the risks of its privatization by stablecoins. It’s almost as if they’re reading from the same script, isn’t it?

While the digital euro is being hailed as the new cash alternative, a recent report suggests that it might just replace cash altogether in various scenarios, leading to a digital payment utopia. Or dystopia, depending on your perspective. 🤷‍♂️

Despite the grand plans, there’s no official launch date for the digital euro. However, Lagarde has hinted that “if the legislature supports the proposal, we should be ready to launch,” after a mere six years of development. Patience, dear readers, is a virtue. 🕰️

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2025-07-11 09:07