Digital, Until It Breaks - Issue #532 Thursday, May 8th 2025 12:00AM
The Focus
For all the talk of innovation, the most important thing about money is that it works — especially when everything else doesn’t.
As the ECB accelerates its work on the digital euro, real-world tests are already unfolding. A power outage across Spain and Portugal brought everyday transactions to a standstill. ATMs failed, card readers froze, and digital wallets were useless. In that moment, cash wasn’t outdated — it was essential.
Central banks continue to stress that the digital euro will complement, not replace, cash. Officials say holding limits and bank distribution models will protect financial stability. And fintechs, banks, and merchants are now testing how the system might work in practice, thanks to the ECB’s new innovation platform.
But real trust won’t be built on test environments or press releases. It will depend on whether people believe the system will work when it matters most.
Read the full story: Digital Euro Advances — But Power Outages and Public Concerns Underscore Growing Pains
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