Having said that, let me stress that by offering CBDC, central banks would not be aiming to replace cash, but to complement it. [9] Christine Lagarde has made it very clear: “The Eurosystem will continue to ensure that all citizens have access to banknotes at all times.” [10] Many people share Fyodor Dostoyevsky’s view that physical money is coined liberty.
They value cash highly, and rightly so. Its use does not necessarily require technical infrastructure and it ensures privacy. Due to regulatory and legal obligations, the digital euro probably cannot be designed with the same degree of anonymity. 2.2 Curbing the risks Clearly, CBDC comes into play if consumers are to be able to hold a digital claim on the central bank.