The less cash were used, the less people would remember in this scenario that private commercial bank money can be exchanged 1:1 for central bank money at any time. In short, in this case, central bank money would be at risk of no longer being viewed as an anchor.
And as digitalisation continues, additional private digital forms of money, used on certain digital platforms, for instance, could emerge. Here, too, the anchoring function of centralbank issued money would remain important – it might even gain in importance. If there were a digital euro, private commercial bank money could also be exchanged for central bank money within the digital world.