ECB’s Cipollone Argues Against a Purely Offline Digital Euro

European Central Bank Executive Board member Piero Cipollone said an online and an offline digital euro would be needed to reap the full benefits of the electronic money.

“The digital euro’s online and offline functionalities will complement one another, combining the convenience of digital payments with the resilience and accessibility of cash – allowing the digital euro to be used in any situation, from e-commerce platforms to remote areas without network coverage,” Cipollone said Monday in Brussels.

European Central Bank Executive Board member Piero Cipollone

Photographer: Krisztian Bocsi/Bloomberg

Speaking at a hearing of the European Parliament, Cipollone said consumers, merchants and banks “all stand to benefit,” while reducing the dependencies ...