The digital euro will never be programmable, according to Fabio Panetta, an executive board member of the European Central Bank.

In remarks made to lawmakers Monday, Panetta indicated the putative central bank digital currency won’t allow restrictions to be placed on how funds can be spent.

“The digital euro would never be programmable money,” he told members the European Parliament’s Economic and Monetary Affairs Committee. “Central banks issue money, not vouchers.”

The ECB is currently one of around 100 central banks investigating a central bank digital currency, and is due to consider whether to go ahead later this year. Some observers have touted as an advantage the ability to limit onward use of a digital currency – for example as food stamps that can be spent only on essential goods, or paying taxes automatically. Others, including euro area finance ministers, are opposed, saying the ability to be programmed would override the function of money as a fully fungible asset.