The European Central Bank Pushes for Digital Euro: Committed to Creating a New Ecosystem of Financial Autonomy and Secure, Inclusive European Payments
The European Central Bank is vigorously promoting the construction of the digital euro and positions it as a key infrastructure to enhance Europe's financial autonomy and social inclusiveness.
Piero Cipollone, a member of the Executive Board of the central bank, pointed out that the current European payment system is overly reliant on foreign service providers, and there is a significant risk of single points of failure.
For example, in recent years, incidents such as the destruction of the Baltic Sea communication cables and large-scale power outages in the Iberian Peninsula have exposed the systemic vulnerabilities of this dependency model.
The core features of the digital euro include the use of distributed ledger technology to build a multi-regional transaction processing architecture, ensuring that local issues do not affect the stable operation of the overall system;
At the same time, the central bank's official application, which is mandated to be integrated into the project, provides a secure emergency channel for commercial banks in the event of cyberattacks.
In addition, the digital euro also introduces innovative offline payment functions, allowing users to complete peer-to-peer transactions through near-field communication technology even in the event of power or network outages.
In terms of inclusiveness, the project is committed to addressing the needs of vulnerable groups. For more than 30 million visually impaired individuals and 34 million hearing-impaired individuals in Europe, they are developing adaptive features such as voice navigation, high-contrast interfaces, and large-font displays.
Meanwhile, the European Central Bank has stipulated that all cooperating payment service providers must ensure users can access basic functionalities. To support citizens with insufficient digital skills, plans are in place to provide usage support through public service outlets such as post offices and libraries.
In summary, through a public-private partnership operating model and inclusive design, the project is expected to provide safe and reliable public payment options for all European citizens while maintaining financial stability.
In simple terms, the digital euro represents Europe's strategic layout for financial autonomy and digital sovereignty. It is not only a technological response to external dependencies but also a firm commitment to social inclusion and financial equity.
As the project progresses, the digital euro is expected to reshape the digital payment landscape in Europe and globally, becoming a key link between technological innovation and social value.
