As numerous countries across the board navigate their feelings on central bank digital currencies, or CBDCs, Benoît Cœuré of the Bank for International Settlements thinks physical cash will retain its importance. Heading up the BIS’ innovation wing, Cœuré formerly held a position with the European Central Bank on its executive board.
“In the euro area, unlike Sweden or China, demand for banknotes is still strong,” Cœuré said in an interview on Thursday. “Their role is declining as a means of payment, but they remain a means of savings.” He added: