ECB Executive: "CBDC needed in case of cyberattacks, etc."

A senior official of the European Central Bank (ECB) emphasized the need to introduce its own central bank digital currency (CBDC), the digital euro.

On the 4th (local time), according to CoinDesk, Piero Cipollone, a member of the European Central Bank's Executive Board, said at a meeting of the European Parliament's Economic and Monetary Affairs Committee held in Brussels, Belgium, that "CBDC can provide business continuity in the event of cyberattacks on banks and the like." Cipollone added, "Even if bank apps are down, if the banks' backend services are working, customers can access their bank accounts through the digital euro app."

Cipollone emphasized, "If cash distribution networks are disrupted, it may be difficult to obtain cash in an emergency, so it should be complemented by a digital version." Cipollone said, "(The digital euro) would allow payments even when internet connections are cut off or access to cash is difficult due to natural disasters," and "the digital euro, as a public good, will guarantee accessibility to all citizens regardless of residence, income level, or level of digital skills."