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ECB Pushes Digital Euro as a Way to Keep Payments Sovereign
Piero Cipollone, a top official at the European Central Bank (ECB), made a case for the digital euro this week—not just as another payment option, but as a way to keep Europe’s financial system from slipping into the hands of private players. His argument? Without a digital version of the euro, stablecoins and big tech might end up calling the shots.
Speaking in Ljubljana, Cipollone pointed out something odd. Even after 25 years of the euro, Europe still doesn’t have a unified digital payment system that actually works across borders. Cash is fading, and what’s replacing it isn’t always under public control. That’s where the digital euro comes in—or at least, that’s the idea.
Why a Digital Euro?
Cipollone’s pitch was straightforward. The digital euro would act like cash, but online. It’d be free for basic use, respect privacy (to some extent), and work everywhere in the eurozone. More importantly, it’d keep sovereign money—not corporate stablecoins—at the center of digital payments.
But there’s another layer to this. Private payment providers and banks wouldn’t be cut out. Instead, they’d still handle transactions, keeping their fees and customer ties intact. It’s a middle ground, really—one that tries to stop big tech or crypto firms from dominating the space.
The Stablecoin Problem
Cipollone’s comments didn’t come out of nowhere. ECB President Christine Lagarde has warned before about stablecoins effectively “privatizing” money. If people start relying on corporate-backed digital tokens for everyday payments, what happens to public oversight? The ECB’s answer, clearly, is to get ahead of it.
Still, there’s a lingering question. If the digital euro catches on, could it eventually replace cash entirely? Some reports suggest it might, at least in places where digital payments become the norm. Cipollone didn’t go that far, but the possibility is there.
When Will It Happen?
No one’s putting a date on it yet. Lagarde has said the ECB could be ready to launch—but only if EU lawmakers give the green light. After six years of development, the ball seems to be in the politicians’ court.
For now, the ECB’s message is clear: they see the digital euro as a necessary step, not just for convenience, but to keep payments under public control. Whether that’s enough to win over skeptics—or compete with private alternatives—is another story.