ECB Says Cash Will Stay, Even as Digital Payments Grow

Key Points

1. ECB Executive Board Member Piero Cipollone states that cash is indispensable for payments and storing value, and the ECB is modernizing banknotes to ensure their continued use.

2. The ECB supports a dual payment system, combining cash with the upcoming digital euro, as outlined in the European Commission’s 2023 Single Currency Package.

3. Euro banknotes remain highly trusted, with over €1.6 trillion in circulation, and demand for cash persists despite the growth of digital payments.

4. The ECB is working to protect access to cash, ensuring legal access points across the eurozone and opposing 'no cash' policies unless mutually agreed upon by both parties.

5. The ECB has approved a two-track approach for Distributed Ledger Technology (DLT) transactions, with a short-term track ('Pontes') set to launch by 2026.