Piero Cipollone, an executive board member at the European Central Bank, said that a digital euro would function as a free, cash-like payment option available across the entire euro area while reducing reliance on foreign-owned financial infrastructure that could theoretically cut European users off from their own money.
What Happened: ECB Pushes Digital Currency
Cipollone told German newspaper Süddeutsche Zeitung that the project as straightforward in its appeal.
"Quite simply: it's easy," he said. "You can use it everywhere – in Germany and across the entire euro area."
The central banker said the digital euro would be mandatory for retailers who already accept digital payments, though he emphasized fees would drop because the ECB would provide the underlying infrastructure.
The project targets a mid-2029 launch as a realistic timeline, according to statements Cipollone made in September.
He stressed the system would supplement rather than replace existing payment methods. "It will be like cash, but in digital form," Cipollone said. "Coins and banknotes will still be available; no one will be forced to switch."
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Why It Matters: Foreign Control Concerns
Cipollone pointed to the International Criminal Court as evidence of the risks posed by foreign-controlled payment systems, noting that Visa and Mastercard blocked judges' U.S.-issued cards following sanctions.
"With a digital euro they could have continued to pay throughout the euro area," he said.
The ECB official argued that American corporations currently own critical payment infrastructure and could theoretically deny access.
"If one provider dropped out, Europe would have enough alternatives left," Cipollone said, adding that delays only deepen dependence on foreign systems.
Cipollone's presentation of the digital euro project in Sep. 2025 received a decidedly mixed reception from the European Parliament, where lawmakers have expressed concerns about potential disruptions to the banking sector, citizen privacy violations, and threats to financial innovation.
But in October 2025 European Central Bank announced it aimed to begin testing a digital version of the euro by mid-2027, though the final timeline hinges on lawmakers approving legislation that has faced resistance from the banking sector. The pilot program would mark the first real-world transactions using the digital currency, with a potential full rollout planned for 2029.
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