A digital euro would be necessary to ensure that users can always make payments during major breakdowns, according to the European Central Bank (ECB) Member of the Piero Cipollone Board of Directors.
A digital currency of the central bank of the euro zone (CBDC) could provide continuity of activities in the event of cyber attack on banks or other payment providers, Cipollone told the European Parliament in Brussels on Thursday.
“If a cyber attack caused the breakdown of the own application of a bank, but the BACKED services of the bank still worked, customers could always access their accounts with this bank via the ECB’s Euro digital application,” he said.
In addition, if a DIGTAL EURO application had offline features, it could provide a failure for users during a power failure that takes regular offline payment methods.
“Money is our only a real withdrawal … But as society is moving more and more money, and as money itself can be difficult to access in an emergency, we must complete it with a digital version,” added Cipollone.
The ECB, like its counterparts in almost all other economies in the world, has explored the possibilities of a digital version of its currency for several years.
Among their motivations are on the competition provided by Stablecoins and non -bank payment services such as Apple Pay, Google Pay, Paypal, etc.
