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ECB policymaker says digital euro must avoid displacing banks
Piero Cipollone warned that without a pan-European digital payments option, fragmentation could rise across tokenization platforms.
A top European Central Bank policymaker said the potential digital euro would not be designed to replace banks, but instead to ensure banks retain a role in the EU monetary system, according to remarks reported by Cointelegraph.
ECB executive board member Piero Cipollone said the central bank’s aim should be to create a digital euro that is exchangeable across banks for day-to-day transactions.
He added that, without a pan-European digital payment solution that can cover different types of everyday transactions, the risk of fragmentation could increase across tokenization platforms.