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<p>The European Central Bank (ECB) is actively working to curb the “crypto” phenomenon by launching its own digital euro. During the Money20/20 conference, Evelien Witlox, Director of the Digital Euro at the ECB, expressed the institution’s eagerness to see this electronic currency on the market, a solution deemed necessary in the face of declining cash usage and the rise of digital alternatives. The ECB wants to move forward cautiously but with determination.</p>
<h2 id="h-a-digital-euro-instead-of-crypto-to-adapt-to-new-habits">A digital euro (instead of crypto) to adapt to new habits</h2>
<p>No, the European Central Bank has not yet changed its <a href="https://www.cointribune.com/en/buying-bitcoin-for-the-central-bank-very-unlikely-according-to-the-ecb/" target="_blank" rel="noopener noreferrer nofollow">opinion regarding bitcoin</a> and other cryptocurrencies. According to <a href="https://crypto.news/money20-20-digital-euro-is-highly-likely-says-ecbs-evelien-witlox/" target="_blank" rel="noopener noreferrer nofollow">a publication by Crypto.News</a>, Evelien Witlox, a prominent figure at the institution, took advantage of her speech at Money20/20 to outline the <strong>potential implications of a digital euro</strong>. Noting a significant decrease in cash usage in Europe, she hinted that <strong>a digital euro could become essential</strong>.</p>
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<p>According to her, “<em>only one in five transactions is still carried out in cash</em>” in cities like Amsterdam, which pushes the ECB to seriously consider this <strong>monetary transformation</strong>. However, she emphasized that while investment in the e-euro is very likely, it is not yet a decision set in stone.</p>
<p>The digital euro would be <strong>an electronic version of cash</strong>, retaining its legal tender status. This change would ensure that all merchants accepting digital payments would have to accept this new form of currency.</p>
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<p>The initiative aims not only to <strong>modernize the payment system</strong> but also to ensure greater <strong>economic security</strong> and <strong>independence from foreign payment systems</strong>.</p>
<p>Witlox emphasized that it would be an asset for citizens, offering them a new, secure, and accessible payment method while strengthening <strong>Europe’s economic sovereignty</strong> in the face of the invasion of foreign payment solutions. Does crypto play a part in this?</p>
<h2 id="h-security-and-privacy-protection-in-focus">Security and Privacy Protection in Focus</h2>
<p>The ECB does not hide that the digital euro is partly a response to the fear that the <strong>growing reliance on non-European payment services</strong> could compromise the security of financial transactions. Cryptos are often labeled as unsafe by our governments, in fact.</p>
<p>Evelien Witlox expressed clear concerns about this dependence, insisting that a digital euro could enhance economic sovereignty and ensure the security of both public and private payments. Enough to allow a <a href="https://www.cointribune.com/en/bitcoin-vs-digital-euro-two-opposing-visions-of-the-future-of-money/" target="_blank" rel="noopener noreferrer nofollow">duel between this asset and bitcoin</a>.</p>
<p>The ECB is keen to ensure <strong>that this new payment method is inclusive</strong>, allowing everyone to participate in the digital economy without barriers to access.</p>
<p>In terms of security and privacy, Witlox was very clear: <strong>the ECB does not want to become a Big Brother of financial transactions</strong>. Privacy protection and security are top priorities, and technical solutions like <strong>“privacy by design”</strong> will be implemented.</p>
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<p>This includes options like offline digital euros, ensuring that even without an internet connection, transactions remain confidential.</p>
<p>The goal is to <strong>avoid the creation of a programmable currency</strong>, which could potentially be used to monitor or control users. Otherwise, it would be pure economic totalitarianism.</p>
<p>In sum, the e-euro presents itself as a modern solution to the challenges posed by the decline in cash usage and the rise of cryptocurrencies, while reinforcing Europe’s security and economic sovereignty.</p>

End Of Cash In Europe? Rather Digital Euro Than Crypto – ECB

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