The largest banking institution in Germany, is confident that CBDCs will replace cash in the future.

The bank’s research, published a new report on economic estimations and proposals to assist global economies hit by the coronavirus pandemic.

In the report, titled “What We Must Do to Rebuild”, the bank states that the ongoing COVID-19 pandemic has accelerated the “digital cash revolution.”

The bank called on Europe to develop a digital currency solution in order to strengthen the euro to maintain technological independence. “We must have an independent European payment solution,” Deutsche Bank Research wrote.