Digital euro designed to protect banks, says ECB policymaker

The digital euro will be designed to ensure it protects European card schemes and keep banks at the core of the euro zone payments system, a senior European Central Bank policymaker said on Wednesday.

As a currency managed directly by the ECB through accounts users will open with the central bank, the digital euro project has sparked fears among banks they will lose their role in handling payments.

Digitalisation of payments has reduced the role of cash, the only form of central bank money currently existing...