The European Central Bank is actively promoting the digital euro initiative to respond to the growing trend of digital payments.

Recently, Piero Cipollone, a member of the Executive Board of the European Central Bank, publicly stated at the French Payment Forum that as more Europeans use electronic payments, traditional cash is increasingly unable to meet modern financial needs.

Cipollone's assessment is also based on an undeniable fact that, although cash will still retain its status as legal tender, its usage in everyday transactions is continuously declining. In light of this trend, the European Central Bank believes that the digital euro will help strengthen Europe's monetary sovereignty.

As early as the end of April, Denis Beau, the first deputy governor of the Bank of France, issued a public warning that if Europe does not launch its own digital currency, it will face challenges to its monetary sovereignty posed by US-led stablecoins.

In his speech, Cipollone mentioned that while current mainstream private payment services provide convenience to users, they also come with risks of market monopolization and pose a comprehensive challenge to the protection of public interests. However, the design of the digital euro will focus on ensuring the diversity of payment systems to avoid consumers' excessive reliance on a few commercial payment platforms.

In terms of privacy protection, the European Central Bank has also clearly committed to firmly protecting user privacy, while the digital euro will not possess the characteristics of "programmable money" and will not impose any restrictions on users' consumption behavior.

Meanwhile, the European Central Bank is working hard to create a digital euro system that is "available anytime, anywhere, for everyone." Although the specific implementation timeline has not yet been finalized, this innovative payment tool will undoubtedly have far-reaching impacts on the financial landscape of Europe and the world.

In summary, behind this strategic move of the European Central Bank is its deep consideration for maintaining monetary sovereignty. As the preparatory work steadily progresses, the digital euro is gradually transforming from a concept into a realistic solution that could reshape the payment ecosystem.

Do you have confidence in the future application prospects of the digital euro? Do you think the euro will change the financial landscape of Europe and even the world?