European Central Bank official: The digital euro is crucial for safeguarding Europe's strategic autonomy

ChainCatcher news, according to Bloomberg, Piero Cipollone, a member of the Executive Board of the European Central Bank, stated that the launch of the digital euro is crucial for safeguarding Europe's strategic autonomy, aiming to reduce reliance on payment systems outside of Europe, such as Visa, Mastercard, and PayPal.

Cipollone pointed out that Europe is currently heavily dependent on non-European providers for its payment systems, and if no action is taken, this dependence will increase. The digital euro is scheduled to enter its pilot phase in 2027 and begin issuance in 2029. He emphasized that this move is not a response to any specific country or company, but rather the fulfillment of the European Central Bank's duty to ensure the proper functioning of the payment system and to reduce systemic risks caused by excessive reliance on external critical infrastructure.

When discussing stablecoins, Cipollone warned that these privately issued digital assets could "threaten financial stability." He believes the solution is to provide the public with a simple and reliable euro-denominated alternative, ensuring an effective combination of public and private money. Currently, the legal framework for the digital euro project is still awaiting final approval from the European Parliament, with some members favoring private sector solutions.