In a keynote at the Deutsche Bundesbank ahead of the Sibos conference, ECB Executive Board member Piero Cipollone emphasized that central bank money must stay technologically advanced to maintain trust and financial stability. He highlighted that digitalisation and tokenisation are transforming retail, wholesale, and cross-border payments, creating both opportunities and risks.
Cipollone outlined the Eurosystem’s initiatives, including Project Pontes for settling tokenised transactions in central bank money, Project Appia for integrating digital assets into capital markets, and efforts to link fast payment systems internationally. He stressed that innovation must prevent fragmentation, protect monetary sovereignty, and ensure resilience while supporting financial market efficiency.
The ECB also continues to develop the digital euro, alongside improving the safety and accessibility of physical cash, ensuring central bank money remains the risk-free settlement asset at the core of the financial system.
