The Eurosystem is ready to accelerate the process of introducing digital euro as soon as the relevant legislation has been adopted and the Bank of Greece Governor Yiannis Stournaras said, among other things

As he pointed out, the political dialogue on the legislative package on digital euro in the European Union institutions is underway, which will soon be completed.

Referring to the goals that the digital euro is to achieve, Mr Stournaras pointed out that:

– It aims to boost monetary domination in retail payments, reducing dependence on shapes and providers outside the euro area.

– It can secure wide and cost access to a digital media for all citizens, contributing key to social inclusion.

– Provides a secure and reliable alternative to digital retail payments, which will always be available to users and will operate under strict and fully transparent public supervision rules.

– It creates new innovation opportunities for banks and payment institutions that will offer digital euro to their customers in conjunction with other financial services. Thus, it can enhance the payment ecosystem with the least possible financial burden.

– It aims to be a tool of resilience that will support the continuation of financial transactions in cases of crisis or geopolitical abnormalities, where private payment networks could be disturbed.

In any case, as he said, in the new environment that is being created, although the acceptance of cash remains broad, but their use recedes, central banks and Eurosystem are closely monitoring the use of cryptocurrencies in payments, but at the same time recognize that retail money and central bank money should also be hired.

See the full speech of the BoG Governor HERE.