In a recent interview, Bundesbank board member Burkhard Balz spoke about his view on the need for a digital euro. In the wake of Russia’s disruption to EU energy supplies the European Central Bank (ECB) has many times said a central bank digital currency (CBDC) is needed because of the over reliance on US-based Visa and Mastercard for retail payments. Mr Balz included China in the equation during the interview with Süddeutsche Zeitung.
He noted that during the European Football Championships in Germany, in Frankfurt consumers could only pay at the stadium with Alipay or cash. That’s because Alipay was an event sponsor. “In the tourism sector, there are already many places that accept payments via Chinese payment providers,” he said. “Some food retailers also already accept these payment methods. This could continue in the future. We need to be prepared for this.”
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