European Central Bank touts digital euro as key to payment security and inclusivity

The European Central Bank said that its proposed digital euro would strengthen Europe’s defenses against cyber and infrastructure disruptions while ensuring broad access to digital payments.

Piero Cipollone, a member of the ECB’s Executive Board, told the European Parliament’s Economic and Monetary Affairs Committee that resilience and inclusiveness must be central features as the bloc prepares to complement physical cash with a central bank-issued digital version.

The remarks marked the ECB’s 14th update to lawmakers on the central bank digital currency project.

Building resilience in payments

Cipollone said Europe’s reliance on foreign payment providers exposes citizens to risks in times of crisis. He cited incidents ranging from undersea cable sabotage in the Baltic Sea to recent power outages in Spain and Portugal as examples of how vulnerable infrastructures can disrupt daily transactions.

He argued that the digital euro would provide “spare capacity” in the financial system by adding public payment rails alongside private solutions.

Planned safeguards include transaction processing across multiple regions, a mandatory ECB-run app to ensure continuity if banks are targeted by cyberattacks, and offline functionality that would allow peer-to-peer payments during power or network outages.

Ensuring inclusion for all citizens

Cipollone stressed that the digital euro must also serve Europeans at risk of being excluded from a cash-light economy.

He pointed to more than 30 million people in Europe who are blind or partially sighted, at least 34 million who are deaf or hard of hearing, and citizens with limited digital literacy.

The ECB said it is working with consumer groups to design adaptive interfaces, including voice commands and large-font displays, and will require payment providers to support its own app to guarantee basic access.

Local institutions such as post offices and libraries could also provide free support to those least familiar with digital tools.

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