The European Central Bank (ECB) must come up with a digital euro. That is the view of Fabio Panetta, director of the ECB.

Leaving cryptocurrencies to the market entirely, he says, could endanger the stability of the financial system. It could also weaken the central bank’s role.

“Just as the stamp is used a lot less with the advent of the internet and email, so too can cash lose its relevance in an economy that is becoming increasingly digital,” Panetta said in a speech. The ECB is already working on a digital currency, but it could be years before an e-euro launches.

In July, the ECB announced starting an investigation phase that could last up to two years. In it, the central bank focuses on issues such as how an e-euro can be safe and yet easy to use and how it should be distributed.

The coin should form a stable alternative to cryptocurrencies such as bitcoin. In addition, a digital euro could eventually serve as an alternative to cash. Formally, the ECB has not yet decided on whether or not to launch its own digital currency.