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Regulatory News

Cipollone says digital euro will complement cash, not replace it

ECB board member Piero Cipollone said the digital euro will complement cash, with first tests due next year and payments in less than 12 months.

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  • Cipollone said the digital euro is not meant to replace cash.
  • The ECB launched a pilot project in the summer and will start first tests next year.
  • The first payments are expected in less than 12 months.
  • The ECB has selected 36 participants from nearly 60 applications for the pilot.

Action

Piero Cipollone, a member of the ECB’s Executive Board, said the digital euro will complement cash and come at no cost to individuals.

Wide abstract close-up of fibrous paper threads merging with translucent polymer chip planes patterned with fine circuit traces, centered in the upper two-thirds on a muted warm-beige and slate-blue background, with the lower third left quiet.
Cipollone says digital euro will complement cash, not replace it

He said the ECB is working to develop and ultimately introduce a new series of euro banknotes with different designs and the latest anti-counterfeiting features.

Effective

Cipollone said the project could be in 2029. He also said the pilot project was launched in the summer.

He said the first tests will start next year, with the first payments being made in less than 12 months.

Cipollone said the legislative text should be ready by the end of the year.

He said the ECB signed agreements in April to establish the technical standards and received nearly 60 applications in May to join the pilot next year.

He said the ECB selected 36 applicants.

Respondents

Cipollone said the ECB is building a digital infrastructure for European citizens. He said the work includes merchants, banks, firms and universities that took part in tests and trials.

He said merchants often have no real alternative when accepting card payments and pay opaque and often high fees.

He said the digital euro could halve the cost of accepting digital payments for small merchants.

He said the digital euro could also be integrated into European private payment solutions and used throughout the euro area, including where they are not currently accepted.

He said an app would be provided by the ECB, a bank or another payment service provider, and a card would also be available.

He said offline payments would be possible if the power goes out or the internet is down.

Penalty

No penalty was mentioned.

Source: ECB,