The European Central Bank has announced the need to issue a digital euro

European Central Bank (ECB) board member Piero Cipollone said it was necessary to develop and implement a digital euro to prevent over-reliance on private digital payment solutions, Bloomberg reports.

His comments came at the France Payments Forum, where he stressed that while cash will remain in circulation, its use is declining, with users increasingly switching to convenient but private digital systems. According to Cipollone, solutions such as stablecoins or Web3 payment platforms, while convenient, do not serve the public interest, limiting countries' monetary sovereignty and increasing dependence on tech giants.

"If we want to maintain control over our money, we need a digital euro. This is a step towards protecting the financial independence of the European Union," he said.

The ECB representative assured that the digital currency will not replace banknotes and coins, but will become their logical continuation. According to Cipollone, the new instrument will be available to all residents of the eurozone, providing universal access to a digital means of payment and privacy - the digital euro will not be programmable, that is, it can be spent without restrictions set by the platform. Cipollone drew attention to the fact that the United States is actively regulating stablecoins, considering them as part of the future digital market, China is developing e-CNY, which is already used in mass payments, and Great Britain is moving towards digital money.

"If we do not create our own system, we risk ending up in the position of an observer rather than a participant," the ECB spokesman warned.

The digital euro is currently in the development phase, with the ECB conducting research and testing of the technology's capabilities. However, no specific launch dates have been announced yet.