ECB’s Cipollone highlights role of digital euro in payment sovereignty amid global tensions

Piero Cipollone of the European Central Bank underscores the necessity for a digital euro to ensure European control over payment systems amid rising geopolitical tensions.

He reports that cash transactions fell to 24% in 2024, down from 40% in 2019, highlighting the urgent need for a digital payment solution.

Cipollone advocates for the digital euro’s legal tender status, insisting it must be accepted by all merchants, and rejects delays in its introduction.