European Central Bank official: A Europe-led digital payment system is needed, and the digital euro is key

PANews, January 28 — According to Cointelegraph, Piero Cipollone, a member of the Executive Board of the European Central Bank, stated that the escalating geopolitical tensions further highlight the necessity of establishing a Europe-led digital payment system.

In an interview published by the European Central Bank on Wednesday, Piero Cipollone described the proposed digital euro as a “public currency in digital form,” noting that the digital euro is crucial for supplementing cash and addressing the increasingly fragmented payment landscape in Europe, especially against the backdrop of booming e-commerce. Piero Cipollone pointed out that by 2024, cash transactions will account for about a quarter (24%) of daily transactions, a significant decrease from 40% in 2019. He stated that the European Central Bank has a responsibility to adjust how it provides currency as a public good.

Piero Cipollone directly linked this task to geopolitics, warning that “every possible tool is being weaponized” and that the increasingly tense global situation further underscores the necessity of establishing a European retail payment system that is “completely under our control,” based on European technology and infrastructure rather than non-European providers.