ECB 'needs to be preparing' for switch to digital euro currency, according to Italian board member 

In a study, the ECB said a digital euro could help in scenarios where citizens abandoned cash, foreign forms of electronic money took over, or other means of payments became unavailable.

The ECB must prepare to issue a digital euro to complement banknotes “if and when” it becomes necessary, ECB board member Fabio Panetta has said.

Major central banks are studying the creation of officially sanctioned digital currencies to address demand for electronic means of payment and fend off competition from Bitcoin and other crypto tokens.