Klaas Knot made his statement at the annual international economic conference in Italy by the consulting company The European House – Ambrosetti. Heads of state, ministers, Nobel laureates and businessmen gather here to discuss the problems of the global market.
"Wherever you look, the world around you is rapidly going digital. Isn't it time for the coins and banknotes in our wallets to do the same? Isn't it time for the currencies of our central banks to become digital? And the answer, of course, is the digital euro," declared the president of De Nederlandsche Bank (DNB).
The official tried to dispel concerns about the idea of a digital euro and digital currencies of central banks (CBDC) in general. The digital euro will not upset the balance that has existed for decades between commercial and central banks, that is, between private and public money. Claes Noth assured that CBDC will not displace private innovation.
The state-owned stablecoin will expand public confidence in physical banknotes in the digital world, the DNB president believes. The "digital twin" should have the same capabilities as paper money. It's about privacy when no one knows what purchases people make using CBDC. Everyone should have the opportunity to use the digital euro, even those who are poorly versed in digital technologies, the official reasoned.
"The digital euro is needed in order to keep up with society. To strive for independence and maintain access to public money in the digital space," concluded Claes Noth.
Last year, pranksters played a prank on ECB President Christine Lagarde by conducting an interview with her on behalf of Ukrainian President Vladimir Zelensky. Lagarde said that the digital euro will be used to spy on users.