The European Commission has proposed a legislative plan for the launch of a new digital euro payments system that will not replace physical cash. The Commission acknowledges that while the majority of Europeans still prefer to use physical cash, there is a growing trend of digital payments, which has been accelerated by the COVID-19 pandemic. To reflect these trends, the Commission has proposed two sets of measures, one for launching the digital euro and another to safeguard the use of cash. The European Central Bank (ECB) has welcomed the proposals and is ready to provide technical input on the rollout of the digital euro. ECB President Christine Lagarde emphasizes the importance of the euro and its value and trust among citizens. Executive Board member Fabio Panetta highlights the need to ensure that the digital euro brings value to people and retains the appreciated features of cash. The proposal also addresses the legal tender status of euro cash to ensure accessibility and acceptance throughout the euro area.
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