ECB vows to continue with euro circulation despite cashless attempts

The European Central Bank (ECB) has pledged to continue circulating euro currency despite attempts of other countries to go cashless.

In an announcement released by ECB recently, the bank said that since the majority of the consumers remain to use cash, it is “committed to maintaining euro cash and will continue to make sure it is available.”

ECB assures availability of euro banknotes

This means that euro banknotes’ availability and their manufacture are ensured. However, to assure that these are secured from being counterfeited, the ECB is “developing new designs and topics for future banknotes.”

The ECB’s decision comes after its December study entitled “Study on the payment attitudes of consumers in the euro area” (SPACE), was released with findings showing that “cash remains the most frequently used means of payment.”

“More than half of all day-to-day transactions in shops, restaurants, etc. are made using coins and banknotes.”

Cashless and crypto payments

The study also suggests that more than half or 60% of Europeans still opt to use cash, although some residents prefer cashless payments, including using cryptocurrency through digital wallets or e-wallets.

For the 22% of those who use cash, their reason is that cash “helps to track their expenses and is more private.”

However, the central bank states that, since payment options for Europeans have become varied as shown in its study, “it will support the availability of different payment instruments.”

SPACE is conducted on a regular basis to shed light on payment trends in European-member countries.

Bookmark (0)

Related Posts

‘Withdrawals are coming!’ — Ethereum devs confirm epoch for Shapella fork

Shapella will take effect at epoch 194,048, which is scheduled for 10:27:35pm UTC on April 12.

Bookmark (0)

Ethereum bulls ignore regulatory action against exchanges by preparing for the Shapella hard fork

ETH investors appear unconcerned about the regulatory challenges facing the crypto market and are instead selecting to focus on the network’s next upgrade.

Bookmark (0)

Time to buy ‘jpegs’? Community responds to upcoming Ethereum withdrawals

While many expressed serious sentiments, a Twitter user poked fun at the update, saying it’s time to spend ETH on nonfungible tokens.

Bookmark (0)

Polygon to help fight NFT scams with Web3 infra protocol partnership

Polygon partners with Wakweli, a Web3 infrastructure protocol that issues certificates of authenticity for NFTs to certify originality.

Bookmark (0)

BitKeep completes compensation for $8M APK exploit, announces rebranding

BitKeep Wallet will now be known as Bitget Wallet following a $30 million investment from the namesake crypto derivatives exchange last week.

Bookmark (0)

Arbitrum airdrop-related selling subsides, but DApp use sustains while smart money accumulates ARB

The ARB airdrop followed the sell-the-news narrative, but Arbitrum’s DApp use and fundamentals remain strong and smart money continues to buy ARB tokens.

Bookmark (0)

Leave a Reply

Your email address will not be published. Required fields are marked *