[Digital Today reporter Chi-gyu Hwang] European Central Bank (ECB) Executive Board member Piero Cipollone (피에로 치폴로네) stressed the need to introduce a digital euro and said Europe must secure the independence of its payment system, Cointelegraph reported on Jan. 28, citing Spanish media.

Cipollone said the digital euro is a digital version of cash and a key element in strengthening payment sovereignty in the European economy.

In a recent interview with Spanish outlet El Pais, Cipollone said the payments market is changing rapidly as e-commerce spreads and that, with global tensions rising, it is strategically essential for Europe to have its own payment system. He said a digital euro is needed to prevent Europe’s payment system from relying on foreign technology, stressing it is not just a currency but a measure to protect “payment sovereignty.”

He also noted that if the digital euro is recognised as legal tender, all merchants would have to accept it. Cipollone said every store that accepts existing digital payments must accept the digital euro, explaining that this is a key element in strengthening the independence of Europe’s payment system.

Cipollone also said the ECB has long urged the private sector to develop a pan-European payment solution but there have been no clear results, adding that a digital euro could address that. On proposals for an offline-only digital euro, he questioned their effectiveness, saying Europe needs a payment system for e-commerce.