European Central Bank: The digital euro is expected to replace up to 256 billion euros in cash

ChainCatcher news, according to Bitcoin.com, the digital euro project is about to launch, and the European Central Bank (ECB) is analyzing its potential impact on the use of currency in the eurozone. A recent report indicates that the digital euro could replace 5 out of every 10 euros in physical banknotes, as well as 3 out of every 10 euros in bank deposits.

The ECB estimates that, depending on the adoption rate, up to €256 billion in banknotes could be replaced. However, given that there are currently over €1.56 trillion in banknotes in circulation, its usage may still be quite limited. As Europe pushes for the digital euro to counter dollar stablecoins, ECB Governing Council member Piero Cipollone emphasized its necessity.