ECB plans to launch digital euros to enhance payment system security

According to Shenchao TechFlow, Piero Cipollone, a member of the Executive Committee of the European Central Bank, said on the European Parliament's Economic and Monetary Affairs Committee that the digital euro will strengthen Europe's defense against network and infrastructure disruptions. Cipollone notes that Europe's reliance on foreign payment service providers puts citizens at risk during times of crisis. The digital euro will provide backup capabilities for the financial system by increasing public payment channels. The planned security measures include cross-regional transaction processing, mandatory ECB-operated applications, and offline payment capabilities.