The European Central Bank (ECB) continues to deepen its research and discussions around the concept of the digital euro, presenting new arguments in support of its initiative. Piero Cipollone, an ECB board member, spoke in Brussels, emphasizing the significance of the digital currency in modern realities.
Digital Euro as Protection Against Cyberattacks
At the meeting with Members of the European Parliament, Piero Cipollone introduced the digital euro as a tool to safeguard against cyber threats. "If a cyberattack cripples a bank’s application, users could access their accounts through the digital euro application." This solution, according to the ECB, could serve as a critical addition to physical cash in situations where access is restricted.
Challenges for European Monetary Sovereignty
This initiative aims to enhance Europe's monetary sovereignty and reduce dependence on foreign stablecoins and American platforms like Apple Pay and Google Pay. Reports indicate that nearly $290 billion worth of stablecoins currently circulate globally, with Tether accounting for 60% of this total. The ECB emphasizes the need for control over financial instruments and the protection of European interests.
The Future of Digital Euro Amidst Technological Competitions
The ECB assures that the digital euro project is technically ready for implementation and could be launched before the end of 2025. This program aims to address Europe's technological lag behind the U.S. and ensure financial autonomy. "The digital euro is not just a technical project, but the future of Europe's financial independence amid growing competition," the ECB states.
In light of increasing cyber threats and the dominance of foreign financial platforms, the ECB continues to actively promote the idea of a digital euro as a vital step towards ensuring monetary independence and economic stability in the region.
