ECB: Digital euro needed to keep payments running in crises
The ECB said a digital euro would give Europeans access to payments even during cyberattacks or power outages. The currency will serve as a digital complement to cash.
A digital euro is essential to keep the payment system functioning in times of major crisis, said European Central Bank Executive Board member Piero Cipollone during a hearing on Sept. 4 at the European Parliament.
According to him, the shift to digital payments makes the economy more vulnerable to geopolitical risks, cyberattacks, and power outages. A digital version of the euro should act as a backup solution, allowing citizens to continue making payments even if banking apps are down or cash is inaccessible.
The ECB is developing a dedicated digital euro app that will let users switch between providers. It will also support offline payments, including automatic balance replenishment for use during outages and disruptions.
Cipollone stressed that cash remains the only true backup today, but its availability is declining. In this context, the digital euro should complement cash and preserve system resilience.
The project also emphasizes inclusivity: the digital euro must be accessible to all EU citizens, including the elderly, people with disabilities and those with limited digital skills.
In March, eurozone leaders called for faster progress on the digital euro to strengthen the competitiveness and security of Europe’s financial system.
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