In an interview with Le Monde, Piero Cipollone said that the ECB intends to counter the influence of international payment giants such as Mastercard and Alipay. To reduce Europe’s dependence on third-party payment services, the ECB is actively working on the practical aspects of introducing a digital euro, conceived as an electronic form of cash to facilitate digital payments.
“It is difficult for European payment systems and companies to compete on the international stage. For example, the purchase of tickets for the 2024 European Football Championship was entirely dependent on American and Chinese payment solutions such as Mastercard and Alipay. This is one of the reasons why the ECB is working on a digital euro to reduce Europe’s dependence on foreign payment infrastructures,” Cipollone said.
He added that successful integration of the digital euro into the EU economy will help solve the problem of fragmentation of financial and commodity markets along national lines. Thus, restrictions on financing and development of European companies will be lifted, which will have a positive impact on their ability to compete internationally.
Earlier this year, Piero Cipollone outlined the preparations for the launch of the digital euro, including the highest privacy standards for the digital currency. Speaking to the European Parliament’s Committee on Economic and Monetary Affairs, the ECB Executive Board member stressed that the digital euro would be free and secure for EU citizens.
Source: Bits
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