ECB Official: A European-led Digital Payment System is Needed, Digital Euro is Key

According to Cointelegraph, Piero Cipollone, a member of the European Central Bank's Executive Board, stated that the increasingly intense geopolitical tensions further highlight the necessity of establishing a European-led digital payment system. In an interview published by the European Central Bank on Wednesday, Piero Cipollone described the proposed digital euro as a “digital form of public money” and emphasized that the digital euro is crucial for complementing cash and addressing the increasingly fragmented payment landscape in Europe, especially in the context of booming e-commerce. Piero Cipollone pointed out that by 2024, cash transactions will account for approximately one-quarter (24%) of daily transactions, a significant drop from 40% in 2019. He stated that the European Central Bank has a responsibility to adapt the way it provides money as a public good. Piero Cipollone directly linked this task to geopolitics, warning that “every possible tool is being weaponized” and that the increasingly tense global situation further underscores the need to establish a European retail payment system that is “fully under our control.” This system should be based on European technology and infrastructure, rather than relying on non-European providers.