UniCredit CEO says digital euro “very good” plan if banks fully involved

MILAN, June 18 (Reuters) – Plans for a digital euro will be a “very good” thing for the currency bloc and its lenders if banks remain central to the flow of money as they are at present, UniCredit Chief Executive Andrea Orcel said on Tuesday.

“It’s a matter of sovereignty for Europe: we cannot not have a digital euro,” Orcel told a conference organised by Italian bank Mediobanca.

The European Central Bank is looking to launch a digital currency that could reduce the euro zone’s reliance on legacy electronic payment systems operated by U.S. companies, such as Visa (V.N), opens new tab or Mastercard (MA.N), opens new tab, and counter the emergence of non-European online payments providers such as Paypal (PYPL.O), opens new tab.