European Central Bank: The digital euro will enhance payment security and inclusiveness

ChainCatcher news, ECB Executive Board member Piero Cipollone stated at the European Parliament's Economic and Monetary Affairs Committee that the digital euro will enhance Europe's defense capabilities against network and infrastructure disruptions while ensuring the broad accessibility of digital payments.

Cipollone pointed out that Europe's reliance on foreign payment service providers puts citizens at risk during times of crisis. The digital euro will provide a "backup capability" for the financial system by increasing public payment channels outside of private solutions. Planned security measures include cross-regional transaction processing, mandatory ECB-operated applications, and offline payment functionality.