The European Central Bank (ECB) believes that a digital euro is necessary to ensure continuous payment capability in the event of major disruptions such as banking crises, cyberattacks, or power outages.
According to the proposal presented to the European Parliament, the system will use a distributed trading infrastructure with servers located in at least three independent areas to ensure uninterrupted operation. The digital euro application will integrate offline payment capabilities and support multiple service providers, allowing users to switch in the event of a banking outage or attack.
The ECB also aims to ensure payment access for everyone, especially vulnerable individuals or those who are not tech-savvy, by designing adaptable interfaces such as voice support and large fonts. Some lawmakers are concerned about privacy, competition with private services, and bank withdrawals during a crisis; the ECB responded that account limits will be carefully reviewed before making a decision.
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