12/23/2023 Can someone tell me why banks can charge a fee to exchange coins for cash? redditRead Now![]() ![]() A digital equivalent of cash would help support the sovereignty and stability of this system. The central banks are concerned that the digitisation of payments might unroot the anchor that cash brings to their financial systems. And therefore we want to translate that same sense into the digital era because more and more we are using digital payments." Will cash go away? The difference to a cashless, contactless payment is "It is different because it is central bank money, whereas the other payments are private money. The digital euro will be a digital version of euro notes and coins. It will have exactly the same value and can be used in exactly the same ways: To buy ice cream or clothes or to send money for a birthday party - even across national borders.Įuropean Commissionner for Financial services Mairead McGuinness speaks during a media conference on financial data access and payments at EU headquarters in Brussels AP Photo Will I use this cash, which isn't in my wallet today, but it normally is? Or will I use a digital version of cash?" Overview of the digital euro ![]() People aren't using cash as much as they used to, and COVID-19 really accelerated that trend. So I want the alternative, the choice to have a digital version of cash. And you know what, you see it, you understand it, but maybe I won't have cash in my pocket. How would European citizens benefit from a digital currency and what approach should be taken to develop it? The Commissioner for Financial Services, Financial Stability and Capital Markets Union, Mairead McGuinness, explained the challenges of creating this new currency and why we need a digital euro: ![]()
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