The European Central Bank (ECB) has reiterated its support for cash, asserting that it will remain an integral component of the financial landscape despite the move towards a digital euro. ECB Executive Board member Piero Cipollone emphasized that the digital euro is intended to complement, not replace, physical currency, thereby maintaining payment autonomy in Europe. This declaration comes at a time when the financial ecosystem is evolving with the rising adoption of stablecoins and privatized digital currencies. Cipollone pointed out that access to both cash and digital alternatives is crucial, particularly during crises when digital systems may fail. He noted that studies show Europeans still prefer traditional cash over digital currencies for transactions. Overall, the ECB aims to develop a digital euro as a regulated alternative to private stablecoins, promoting legal tender status for all forms of currency to meet diverse consumer needs.

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