rewrite this content using a minimum of 1200 words and keep HTML tags
Quick take:
It is seen as a complement to physical cash, which remains key for resilience and inclusion.
Dubbed the Eurozone central bank digital currency (CBDC), Cipollone believes the digital Euro could provide businesses with continuity in the event of an attack on traditional payment rails.
The infrastructure for processing transactions will be distributed across at least three different regions, with the ECB also set to develop a dedicated digital euro app.
The European Central Bank (ECB)’s Executive Board Member Piero Cipollone has provided an update on the creation of a digital euro. Dubbed the Eurozone central bank digital currency (CBDC), the digital euro will be required to ensure that payments are not affected by major disruptions.
“As a digital form of cash issued by the European Central Bank, the digital euro will complement physical cash, which remains key for resilience and inclusion,” said Cipollone. “The digital euro will ensure that all Europeans can pay at all times with a free, universally accepted digital means of payment, even in case of major disruptions.”
Cipollone believes the digital Euro could provide businesses with continuity in the event of an attack on traditional payment rails.
According to the statement on the ECB website, the infrastructure for processing transactions will be distributed across at least three different regions, with the ECB also set to develop a dedicated digital euro app.
Cipollone sees a digital euro as a necessary tool for the Eurozone to prepare for the digital future. “Our capacity to act swiftly and independently – particularly in times of crisis – could be constrained,” he said. “Digital payments bring many advantages such as speed, convenience, and efficiency.”
According to Cipollone, the success and efficiency of such payments “depend on the strength of our digital infrastructure,” adding that “when critical services are interrupted, citizens expect public authorities to ensure continuity.”
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!
Follow us on X and Telegram.
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
Source link
