PRESS RELEASE – 14 January 2021
ICA Submits Input to ECB Consultation on the Digital Euro
The International Currency Association (ICA), representing the global currency sector, has confirmed its submission to the European Central Bank’s consultation on the digital euro. The consultation follows the ECB’s October 2020 report, which emphasized that the Eurosystem will continue to issue cash, ensuring that any digital euro will complement – rather than replace – physical cash.
ICA’s contribution focuses on the characteristics of physical cash that a digital currency should emulate to function as ‘digital cash’ and the conditions necessary for the coexistence of physical cash and a central bank digital currency (CBDC).
ICA Director General Jutta Buyse said:
“Cash remains a public good for European citizens. For a CBDC to complement cash effectively, it must be universally accessible, free to use, operational offline, and designed with strong privacy and security safeguards.”
ICA Chair Dr. Wolfram Seidemann added:
“With the development of a European digital currency in its early stages, this consultation provides a pivotal opportunity for the ICA to demonstrate the value of its international membership and global network. We look forward to continued dialogue with the ECB as the digital euro evolves.”
The ICA’s general statement on the digital euro is available on its website.
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