ECB’s board member says the bank must prepare to issue a digital euro

Fabio Panetta, a member of the executive board of the European Central Bank (ECB), has suggested that the bank should prepare to issue a digital euro to complement banknotes if and when it becomes necessary. A blog post on October 2 unveiled this news noting that a digital euro has the potential to address situations in which citizens have either abandoned cash, where foreign forms of electric money have become prevalent, or when other means of payments have become unavailable. Per the blog post, digitization is spreading rapidly to all aspects of modern society, disrupting cultural, social, and economic fabrics