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Reviews: Weidmann: Digital Euro would not be a substitute for cash

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Despite a trend for cashless payment, demand for banknotes in Germany remains high. "For the current year, a net issue has been lower so far, which is lower than in the previous year, but the value of 2019 surpasses something," said Bundesbank President Jens Weidmann on Wednesday loudly text to the opening of a symposium of the Bundesbank in Berlin, which also Live on the internet was transferred.

Trotz eines Trends zum bargeldlosen Bezahlen bleibt die Nachfrage nach Banknoten in Deutschland hoch. © Patrick Pleul / DPA Central Image / DPA Despite a cashless payment trend, demand for banknotes in Germany remains high.

"The demand for cash continues to grow, although his meaning has fallen as a means of payment. His function as a value-saving agency explains this paradox », led Weidmann. In 2020, the Bundesbank spent on its branches of euro banknotes totaling 70 billion euros net.

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60 percent of everyday transactions made in Germany are still paid with light and coin. However, the Corona pandemic has given a thrust to pay without cash. Distributors advertise from hygiene reasons for contactless payment at the store budget, and online trading is booming.

It is convinced that cash will play an important role in the foreseeable future, "reaffirmed Weidmann. "No other means of payment will be able to reproduce all its properties. Also not the digital Euro. »

Europe's currency headers have been testing the possible introduction of a digital variant of the European Community currency for a while. In mid-July 2021, the European Central Bank (ECB) decided to lift the preparatory work to the next level: in a two-year examination phase, it is now about technology and privacy. Whether a digital euro will come, is not yet decided.

"It is clear: The digital euro will not be able to offer the anonymity of the cash. Finally, digital payments always leave traces, "Weidmann said. "Especially in the face of risks, it could make sense to progress in digital euro. That is, first to equip the digital Euro with a particular bundle of properties that allow important applications as means of payment. Later, additional functions could be added. »

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