A digital Euro CBDC will be “designed for making payments, not for investment,” explained Ulrich Bindseil, Jürgen Schaaf, and Executive Board member Piero Cipollone in a blog post on Feb. 19.
They added that many banks worry their customers might withdraw deposits to hold digital Euros instead. “These fears are misplaced,” they stated.
The ECB is developing a digital Euro CBDC with legal tender status functioning as a digital payment solution for Europe. However, concerns are growing over a potential flow of deposits from retail banks to the central bank, which controls the CBDC.
“CBDCs could affect financial institutions, as depositors might choose to move money from bank deposits to the central bank,” it stated.
A digital euro will be designed for making payments, not for investment, explain Ulrich Bindseil, Jürgen Schaaf and Executive Board member Piero Cipollone. Fears of bank customers moving large deposits from banks into the digital euro are outdated. pic.twitter.c
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