Commentary In recent weeks, Jerome Powell at the Federal Reserve and Christine Lagarde at the European Central Bank have commented on the likelihood of implementing digital currencies in the next few years. The positives have been well explained: more transparency, ease of use, and lower cost. The European Central Bank (ECB) has stated that “a digital euro would guarantee that citizens in the euro area can maintain costless access to a simple, universally accepted, safe and trusted means of payment.” It describes the digital euro as “an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms.” The digital euro would not replace cash, the ECB says: “The Eurosystem will continue to ensure that you have access to euro cash across the euro area. A digital euro would give you an additional choice about how to pay and make …