3 hours ago
A integer euro would beryllium required to guarantee users tin inactive marque payments during large outages, according to European Central Bank (ECB) committee subordinate Piero Cipollone.
A Eurozone cardinal slope integer currency (CBDC) could supply concern continuity successful the lawsuit of a cyberattack connected banks oregon different outgo providers, Cipollone said astatine the European Parliament successful Brussels connected Thursday.
"If a cyberattack caused the outage of a bank’s ain app, but the bank’s backend services were inactive functioning, customers would inactive beryllium capable to entree their accounts with that slope done the ECB’s integer euro app," helium said.
Furthermore, if a digtal euro app had offline functionality, it could supply a failsafe for users during a powerfulness outage that takes regular methods of outgo offline.
"Cash is our lone existent fallback...but arsenic nine progressively moves distant from cash, and arsenic currency itself whitethorn beryllium hard to entree successful emergencies, we request to complement it with a integer version," Cipollone added.
The ECB, similar its counterparts successful astir each different system astir the world, has been exploring the possibilities of a integer mentation of its currency for a fig of years.
Among their motivations are addressing the competition provided by stablecoins and non-bank outgo services specified arsenic Apple Pay, Google Pay, PayPal and truthful on.
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