The bank estimates that the digital euro has the potential to substitute 5 of every 10 euros issued in physical banknotes from circulation. In the same way, the same study predicts that for each 10 digital euros issued, 3 will be removed from bank deposits.
The total impact of the digital euro was studied in three different cases, depending on the adoption and reception of the citizens. If the adoption remains low, 15 billion euros in banknotes would be substituted. If the reception gets to its highest level, 125.000 billion euros in banknotes would be taken out of the market.
Finally, if the adoption reaches its highest level, the bank predicts that the digital euro would substitute 256 billion euros in banknotes.