Filenews 7 February 2026 - by Theano Thiopoulou
The many practical benefits that the digital euro will bring to consumers, merchants and banks, were highlighted by Piero Cipollone, member of the Executive Board of the European Central Bank, speaking at the event "Presenting the Digital Euro in Cyprus", organized in collaboration with the Association of Cyprus Banks and the participation of the European Central Bank.
Let me start with a simple remark, he said in his speech, "the way we pay has changed more in recent years than in the previous 50. Today, when we pay a bill, book a hotel, or shop online, we rarely use cash. For example, the ECB's study on consumer attitudes towards payments in the euro area shows that here in Cyprus, the share of e-commerce payments increased from around 1% in 2019 to 26% in 2024 – a striking example of how quickly digital payments have become part of everyday life."
The member of the Executive Board of the ECB did not fail to emphasize to the audience the importance of cash, characteristically stating in his speech "Make no mistake: we will continue to issue banknotes and we are working hard to ensure that physical cash remains widely accepted and available. In fact, we are preparing to produce and issue a third series of euro banknotes with a new design that Europeans can strongly identify with."
However, he noted that the ECB needs to ensure that, in this digital age, public money meets the evolving needs of Europeans. Therefore, we are preparing to complement physical money with its digital equivalent: a digital euro.
In his speech on the benefits of Europe's autonomy, he indicated "given the growing geopolitical tensions, the digital euro is more than just a 'good thing'. As the use of cash decreases, we increasingly rely on complex digital technologies that operate heavily in the background. As European citizens, we want to avoid a situation where Europe becomes overly dependent on payment systems that are not in our hands."
Expressing his concerns, he pointed out that "payment systems have become part of Europe's critical infrastructure, alongside energy, transport and telecommunications. The resilience and security of these infrastructures directly impact our financial stability and strategic autonomy. Imagine that digital payments were not possible, not even for a day. What impact would this have on society?"
Cyprus, like the rest of Europe, is heavily dependent on international providers in almost all use cases, from e-commerce and person-to-person payments to in-store transactions. Card payments are a typical example, he added. In the first half of 2025, card payments accounted for 74.5% of all cashless transactions in Cyprus – the second highest rate in the euro area.
"However, there are no European solutions available for card payments in Cyprus. This level of dependency means that critical parts of Europe's payment infrastructure are owned and operated outside the euro area. At a time when resilience and strategic autonomy are more important than ever, this creates vulnerabilities that we cannot ignore," he noted.
The Governor of the Central Bank of Cyprus. Christodoulos Patsalides, said in his speech that "the digital euro is about ensuring a secure European payment option in an increasingly digital economy, in a world that requires stability in the midst of increased uncertainty". In his address, the General Manager of the Association of Cyprus Banks, Marios Skandalis, stressed that "the implementation of the digital euro comes at a critical turning point. As the world digitizes at a rapid pace, the Eurozone must ensure that our common currency remains relevant, durable and safe for all to use."
At the event, DISY and EPP MEP Michalis Hadjipantela pointed out that the digital euro will ensure the centrality of public money, will offer fast and low-cost pan-European payments, will strengthen the competitiveness and innovation of the European Union and will be a safe and comprehensive means of payment for 450 million citizens, without undermining the role of banks.
