ECB Advocates Digital Euro as Cyberattack Safeguard

The European Central Bank is escalating its push for a digital euro, framing it as a critical failsafe against systemic vulnerabilities. Piero Cipollone, an ECB executive board member, presented the case to EU lawmakers with operational urgency: "When a bank's app collapses under cyberfire but Core systems remain intact, our solution keeps money flowing."

This comes amid rising attacks on financial infrastructure—2023 saw a 72% spike in ransomware incidents targeting payment systems globally. The proposed offline functionality could prove pivotal during grid outages, allowing delayed transaction settlement when networks reboot.

Behind the technical rhetoric lies a geopolitical subtext. With Visa and Mastercard processing 80% of EU card payments, Brussels seeks monetary sovereignty through CBDCs. Yet adoption hurdles remain—a recent Eurobarometer survey showed 62% of citizens distrust centralized digital currencies.