Nicosia, Cyprus. Cyprus joined the European discussion on the digital euro on Friday as policymakers, bankers and institutions gathered in Nicosia for the first event held on the island with the participation of the European Central Bank (ECB).
Event in Nicosia
The event, titled ‘Presenting the Digital Euro in Cyprus’, took place at the Bank of Cyprus headquarters and was organised by Disy MEP Michalis Hadjipantela in cooperation with the Association of Cyprus Banks, in the presence of Finance Minister Makis Keravnos.
More than 170 representatives from government bodies, social organisations, banks and financial-services professionals attended.
Hadjipantela remarks
Hadjipantela said the conference showed that Cyprus can play an active role in the dialogue and development of the digital euro and contribute to shaping European decisions that will determine the financial environment of the coming years.
He said the digital euro would preserve the central role of public money, enable fast and low-cost pan-European payments, and support competitiveness and innovation, while remaining a safe means of payment for 450 million citizens without undermining the role of banks.
ECB keynote address
The keynote address was delivered by ECB executive board member Piero Cipollone, who outlined expected benefits for citizens and businesses and the next implementation steps.
He said the Cyprus EU presidency arrives at a decisive moment amid geopolitical uncertainty and rapid technological change, and referred to the priority “Autonomy through security and competitiveness” as reflecting the EU’s ambition to strengthen independence through a stronger and more innovative economy.
Calls to accelerate preparations
Cipollone recalled that European leaders had called to swiftly complete legislative work and accelerate preparatory steps for the digital euro, saying action could no longer be delayed.
He said Europe must respond decisively to modern challenges by protecting its currency and ensuring the freedom of citizens to pay in the way they choose.
Central Bank of Cyprus view
Central Bank of Cyprus (CBC) governor Christodoulos Patsalides described the project as a stability tool, saying the digital euro is intended to ensure a secure European payment option in an increasingly digital economy amid increased uncertainty.
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