European Central Bank official: Digital euro is crucial to safeguarding Europe's strategic autonomy.

PANews reported on January 30th, citing Bloomberg, that European Central Bank (ECB) Executive Board member Piero Cipollone stated that launching a digital euro is crucial for safeguarding Europe's strategic autonomy and aims to reduce reliance on non-European payment systems such as Visa, Mastercard, and PayPal. Cipollone pointed out that Europe currently relies heavily on non-European suppliers for its payment systems, and this dependence will increase if no action is taken. The digital euro is planned to begin 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 fulfills the ECB's responsibility to ensure the proper functioning of the payment system and reduce systemic risks arising from over-reliance on critical external 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, reliable euro-denominated alternative, ensuring an effective combination of public and private currencies. Currently, the legal framework for the digital euro project is still awaiting final approval from the European Parliament, with some members favoring a private sector solution.