数字时代的中央银行货币

International Banking Federation(IBFed)Board Meeting www.ecb.europa.eu ©www.ecb.europa.eu ©Piero CipolloneMember of the Executive Board of the ECB 25 June 2026 The transformation of payments The nature of paymentsis changing, requiringa forward-lookingapproach tosupport the development of anintegrated,innovativeandcompetitiveEuropean payments market Driven by: Digitalisationofpayments Emergenceofnew technologies,such as distributed ledger technology (DLT) Heightened focus onreducing dependenciesandstrengthening resilience Eurosystem comprehensive payments strategy: our strategic aims Provide a steer to: Ensure anintegrated,future-orientedpaymentslandscape Alignpolicies and initiatives under aholisticvision Ensureeffectivenessofmonetarypolicyandfinancialstability Safeguardcontinuity andsmoothoperationof thepaymentsystem Eurosystem comprehensive payments strategy: modernising centralbank money Taxonomy of the digital settlement asset landscape Digital euro: a digital form of cash for retail payments EU-licensed payment service providers (PSPs) will be at the core ofdigital euro distribution •Critical role for banks:banks will play a key role in digitaleuro distribution.•Preserving customer relationships:customers will beable to access the digital euro through their trusted bankingpartners.•Robust safeguards:holding limits,no remuneration,(de)funding features and no holdings for businesses.•Fair compensation:banks will be compensated for theirefforts in distributing digital euro.•Synergies: 1) standardised acceptance network; and 2)co-badging. Financial stabilityandcompetitivenessas key pillars of the digital euro Digital euro: a public infrastructure for digital payments Digital euro •Establishes a European acceptance infrastructurewithstandards open to private solutions•Offers aplatform for innovationbased on whichprivate providers can build value-added services Domestic and regional solutions Domestic solutions adopt digital euro standards andachieve pan-European reach without heavy investment Digital euro: where we stand Current phaseNov 2025 - ongoing Investigationphase PreparationphaseNov 2023 – Oct 2025 Continued preparation follows aflexibleandmodular approach. Advancingtechnical readinessDeepeningmarket engagementSupportingthe legislative process Preparation throughtesting andexperimentation Concept definition,technical explorationand design proposal Thedigital euro pilotwill run for 12 months,starting in thesecond half of 2027. The ECBaims to be ready for a potential first issuanceof the digital euro during2029. Preparing for the digitaleuro pilot does not pre-empt any decision to issue the digital euro. The ECB will only take a decision on whether toissue the digital euro once the EU co-legislators adopt the digital euro Regulation.