ECB’s Cipollone Sees ‘Urgent’ Need for Digital-Euro Legislation

Legislation to permit the creation of the a digital euro is required urgently as geopolitical tensions lay bare the continent’s over-reliance on overseas payment systems, according to European Central Bank Executive Board member Piero Cipollone.

“Making progress on both the digital-euro regulation and the regulation on the legal tender status of cash has become urgent if we are to increase our resilience to possible disruptions and reverse our ever-increasing dependence on foreign companies,” Cipollone said Tuesday.

“For the digital euro to be successful, we need robust and forward-looking legislation,” he told European Union lawmakers in Brussels.

The ECB launched ...