Europe Prepares to Phase Out Cash ‘Euro’
- Nejla Kılınç
- May 16
- 1 min read
Piero Cipollone, a member of the European Central Bank (ECB), announced that the era of cash is coming to an end and the launch of the digital euro will be accelerated.
“I hope everything will be completed by early next year, or even earlier. We need the legislation to come into effect, and then it will take 2 to 3 years to roll out the digital euro,” he said.
How will the digital euro be used?Unlike payments made with cards like Visa or Mastercard, consumers using the digital euro will have direct claims on the Central Bank, and the funds will function and be as secure as cash. The digital euro will enable direct payments both online and offline.
Source: Sözcü
