A digital euro would be required to ensure that users can still make payments during important interruptions, according to the European Central Bank. (ECB) Member of the Piero Cipollone Board.
A digital currency of the Central Bank of the Eurozone (CBDC) It could provide commercial continuity in case of a cyber attack in banks or other payment suppliers, Cipollone said in the European Parliament in Brussels on Thursday.
“If a cyber attack caused the interruption of a bank’s own application, but Back’s services -where bank still worked, customers could still access their accounts with that bank through the ECB Digital Application,” he said.
In addition, if a euro digal application had an offline functionality, it could provide failures for users during an energy cut that carries the regular payment methods offline.
“The cash is our only true setback … but as society moves away more and more than cash, and as cash can be difficult to access in emergencies, we need to complement it with a digital version,” Cipollone added.
The ECB, like its counterparts in almost all other economy in the world, has been exploring the possibilities of a digital version of its currency for several years.
Among his motivations are addressing the competition provided by Stablcoins and non -bank payment services, such as Apple Pay, Google Pay, PayPal, etc.
