ECB vows to continue with euro circulation despite cashless attempts

The European Central Bank (ECB) has pledged to continue circulating euro currency despite attempts of other countries to go cashless.

In an announcement released by ECB recently, the bank said that since the majority of the consumers remain to use cash, it is “committed to maintaining euro cash and will continue to make sure it is available.”

ECB assures availability of euro banknotes

This means that euro banknotes’ availability and their manufacture are ensured. However, to assure that these are secured from being counterfeited, the ECB is “developing new designs and topics for future banknotes.”

The ECB’s decision comes after its December study entitled “Study on the payment attitudes of consumers in the euro area” (SPACE), was released with findings showing that “cash remains the most frequently used means of payment.”

“More than half of all day-to-day transactions in shops, restaurants, etc. are made using coins and banknotes.”

Cashless and crypto payments

The study also suggests that more than half or 60% of Europeans still opt to use cash, although some residents prefer cashless payments, including using cryptocurrency through digital wallets or e-wallets.

For the 22% of those who use cash, their reason is that cash “helps to track their expenses and is more private.”

However, the central bank states that, since payment options for Europeans have become varied as shown in its study, “it will support the availability of different payment instruments.”

SPACE is conducted on a regular basis to shed light on payment trends in European-member countries.