European Central Bank: Digital Euro Will Enhance Payment Security and Inclusiveness

ChainCatcher reported that Piero Cipollone, a member of the Executive Board of the European Central Bank, stated at the European Parliament's Committee on Economic and Monetary Affairs that the digital euro will strengthen Europe's defense capabilities against network and infrastructure disruptions, while ensuring broad accessibility to digital payments.

Cipollone pointed out that Europe's reliance on foreign payment service providers exposes citizens to risks during times of crisis. The digital euro will provide "backup capacity" for the financial system by adding a public payment channel in addition to private solutions. Planned security measures include cross-regional transaction processing, a mandatory European Central Bank-operated application, and offline payment functionality.