Piero Cipollone from the ECB emphasizes the urgent need to adopt a digital euro to reduce dependence on non-European technology companies.

Member of the executive committee of the European Central Bank (ECB), Piero Cipollone warned that any delay in adopting the digital euro could leave Europe dependent on large non-European technology companies. In a speech delivered in Cyprus, Cipollone highlighted the advantages of the digital euro for citizens and merchants and emphasized the urgency of adopting a legislative framework to accelerate the project.

He mentioned that legislative delays could affect public and private joint efforts, increasing dependence on international payment systems.

The ECB began studies for the digital euro in 2020 and anticipates a pilot phase in 2027, provided that legislation is adopted this year. Cipollone welcomed the recent progress in adopting a common position by member states and emphasized the importance of finalizing the standards for the digital euro.

Additionally, private banks are developing payment solutions to provide European alternatives to American giants. The digital euro could be operational by 2029, once negotiations with the European Parliament are finalized.