Finance Minister Makis Keravnos has said the digital euro will play a key role in strengthening the competitiveness of the European economy and deepening the integration of the EU market.
He was speaking on Friday on the sidelines of an event in Nicosia titled “Presenting the Digital Euro in Cyprus”. The event aimed to explain the concept and objectives of the digital euro to a local audience.
Mr Keravnos said the digital euro is an important tool for improving Europe’s economic competitiveness. He added that it will also contribute decisively to the unification of the European market.
He described the digital euro as a major step in the EU’s digital transition. He said digital transformation is one of the European Union’s strategic goals and a key priority for Cyprus.
The Finance Minister said the digital euro will support market integration alongside ongoing initiatives to unify capital markets and banking systems across the EU.
He stressed that the digital euro should be treated as a complement to physical cash and existing forms of the euro, not as a replacement.
Mr Keravnos also highlighted the need for strong safeguards. He said it is essential to set protective mechanisms and upper limits to ensure the stability of the banking system.
The digital euro is being examined at EU level as a central bank digital currency issued by the European Central Bank. Discussions focus on its role in payments, financial stability, and consumer trust within the euro area.