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The European Central Bank (ECB) is pushing its case for the digital euro as both a trading tool and a hedging tool, as Europe sees how much of its daily payment systems must rely on infrastructure outside the bloc.
in Recent interviews Speaking to Süddeutsche Zeitung, Piero Cipolloni, member of the Executive Board of the European Central Bank, summed up his idea in one word: ease.
In short: it’s easy. You can use it anywhere – in Germany and in the whole Eurozone.
He said the project aims to include everyone through design, including small shops and people who do not have mobile phones.
“Any merchant that accepts digital payments today will also have to accept the digital euro in the future. Merchants will be happy about that, because fees will be reduced significantly – after all, it is the ECB that provides the infrastructure.”
In September, Cipollone said that the implementation of the digital euro by 2029 was a reasonable and realistic time frame.
Control over payments emerges as an important argument for the digital euro
Cipollone described it as an addition, not a replacement, to the existing methods, using them for free. “In contrast, the digital euro will be free to use. It will be like money, but in digital form. We are just providing an additional option. Cash and bank notes will still exist; no one will be forced to convert.”
He then moved away from the concept of ease of use to governance, stressing that digital currency should not rely on non-European technology. Don’t you feel more secure knowing that the money you pay every day is based on European technology, meaning it is in European hands and not dependent on other countries?”
To understand this point, Cipollone referred to the International Criminal Court, where sanctions in the United States prevented judges from using their credit cards. “Their US cards were cut off, reducing their ability to pay throughout Europe, because they were blocked by Visa and MasterCard. If they had a digital euro, they would continue to pay in the entire eurozone.”
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He warned that the dependence is deeper than it seems, because the country’s cards often go through the international ways of using borders and the Internet, and some eurozone countries do not have local payment systems.
Cipollone also suggested that the digital euro would create a payment infrastructure and a public currency that flows through it, and said the infrastructure could support European privacy solutions across borders.
Here the issue of external dependence is clear. “Today, American companies have the most important parts of the infrastructure, and in theory, they can completely destroy us.
He also emphasized the importance of speed, because standards and legal regulations shape markets even before the launch date. “Any delay makes us dependent on external payment methods.”
A note Cipollone, head of the European Central Bank, is promoting the digital euro as a means of payment as a currency to reduce dependence on foreign infrastructure. appeared for the first time Cryptonews Arabic.
