ECB Highlights Digital Euro’s Role in Ensuring Payment Continuity During Outages
European Central Bank (ECB) board member Piero Cipollone highlighted the necessity of a digital euro to maintain payment capabilities during major outages, such as cyberattacks on banks.
- A Eurozone CBDC could ensure business continuity if traditional banking services are disrupted.
- Customers would access their accounts via the ECB’s digital euro app even if a bank's own application fails.
- An offline functionality in the digital euro app could serve users during power outages.
- Cipollone emphasized that while cash is a fallback option, its accessibility may decline, necessitating a digital alternative.
- The ECB has been exploring a digital currency for several years to address competition from stablecoins and non-bank payment systems like Apple Pay and PayPal.