A digital euro is required to ensure that users can still make payments during basic outages, according to the European Central Bank (ECB) Board member Piero Cipollone.
An eurozone central bank digital currency (CBDC) Can provide continuity of business in case a cyberattack on banks or other payment providers, Cipollone said in European Parliament in Brussels on Thursday.
“If a Cyberattack has caused a bank’s own app, but the bank’s backend services are still working, customers can still access their bank accounts through the ECB’s digital euro app,” he said.
Moreover, if a Digtal Euro app has a operation on offline, it can provide a failsafe for users during a power outage that takes regular offline payment procedures.
“Cash is our only true fallback … But as society moves more to cash, and as cash itself can be difficult to access to emergencies, we have to complement it in a digital version,” Cipollone added.
The ECB, like its counterparts in almost every other economy worldwide, explores the possibilities of a digital version of its currency For a number of years.
Among their motivations are Responding to the competition Provided by stablecoins and non -bank payment services such as Apple Pay, Google Pay, Paypal and others.
