Skambju ta’ fehmiet tal-ECON ma’ Piero Cipollone

Waqt skambju ta’ fehmiet dwar il-progress tal-proġett dwar id-diġitalizzazzjoni tal-munita ewro, fil-Kumitat Ekonomiku u Finanzjarju (ECON) tal-Parlament Ewropew, l-eks Prim Ministru Alfred Sant sostna li “l-ewro diġitali m’għandux jwassal għall-imgħax (la pożittiv u lanqas negattiv) peress li dan għandu jservi bħala mezz ta’ ħlas u mhux bħala ħażna ta’ valur”. 

Id-diġitalizzazzjoni tal-ewro toħloq forma elettronika ta’ flus fuq livell tal-bank ċentrali. Fil-kuntest tat-tranżizzjoni diġitali tal-Unjoni Ewropea, id-diġitalizzazzjoni tal-munita ewro se tappoġġja fost l-oħrajn l-istrateġiji tal-finanzjament elettroniku u l-ħlasijiet bl-imnut tal-Unjoni Ewropea, bħala mezz ta’ ħlas addizzjonali, innovattiv u sikur.

Il-proġett beda f’Lulju 2021 u kkonkluda l-“fażi ta’ investigazzjoni” inizjali tiegħu sa Ottubru 2023. Il-Kummissjoni Ewropea, fl-2023, ipproponiet żewġ miżuri leġiżlattivi mmirati biex jistabbilixxu d-diġitalizzazzjoni tal-ewro. Ladarba dawn il-proposti jiġu adottati, huma jagħtu lill-Bank Ċentrali Ewropew l-awtorità li jiddeċiedi dwar iż-żmien u l-kundizzjonijiet għall-ħruġ tal-ewro b’mod elettroniku.

L-iskambju ta’ fehmiet fl-ECON inżamm ma’ Piero Cipollone, il-membru l-ġdid maħtur tal-Bord Eżekuttiv tal-Bank Ċentrali Ewropew. Huwa spjega l-istat attwali tal-ħidma teknika tal-Bank Ċentrali Ewropew bħala parti mill-fażi ta’ tħejjija għall-proġett biex titwaqqaf il-munita ewro diġitali.

Dwar it-tipi ta’ data li l-ewrosistema jkollha bżonn tirċievi sabiex twettaq il-kontrolli meħtieġa tas-sistema, Alfred Sant staqsa lis-Sur Cipollone liema kategoriji ta’ data jkunu meħtieġa. Barra minn hekk, Sant staqsa kif se tkun rispettata l-privatezza tal-klijent li juża l-ewro diġitalment.

Sant staqsa wkoll lis-Sur Cipollone jekk hux qed jiġi kkunsidrat li l-infrastruttura għall-ewro diġitali hijiex se tkun qed trendi imgħax biex tkun tista’ tiġi mġedda fil-futur. Hu nnota li r-Regolament jistipula li l-ewro diġitali kemm online kif ukoll offline għandu jiġi provdut sa minn meta toħroġ l-ewwel darba. 

Dwar id-diġitalizzazzjoni tal-ewro meta dan ikun offline, Sant staqsa jekk il-Bank Ċentrali Ewropew hux se jipprovdi aktar ċarezza dwar kif se tiġi implimentata u x’inhuma l-isfidi li qed jiltaqgħu magħhom?

Is-Sur Cipollone spjega li s-sistema tal-ewro mhux se tkun teħtieġ identifikazzjoni personali; minflok, jiġi utilizzat kodiċi marbut ma’ min iħallas u ma’ min jitħallas, bil-fornituri tas-servizzi ta’ ħlas biss ikollhom informazzjoni dwar l-identità attwali. Dan l-approċċ jagħti prijorità lill-privatezza, billi juża soluzzjonijiet teknoloġiċi avvanzati u strutturi ta’ governanza b’saħħithom biex tiġi żgurata l-konformità u sserraħ moħħ iċ-ċittadini li mhux se jkun hemm abbuż tal-privatezza tagħhom. 

Is-Sur Cipollone qal li l-fondi miżmuma f’kontijiet diġitali tal-ewro mhumiex se jattiraw imgħax, b’kuntrast mal-fondi li jiġu depożitati l-banek tradizzjonali fejn jista’ jiġi akkwistat l-imgħax. Madanakollu, is-servizz tat-trasferiment tal-fondi jeħel spejjeż, li huma parti mill-mudell ta’ kif tiġi mmexxija s-sistema tal-ewro diġitali. 

Fl-aħħarnett, is-Sur Cipollone indirizza l-mistoqsija dwar il-kompatibilità offline-online, u ikkonferma li qed isir minn kollox biex dawn is-sistemi jiġu integrati bla xkiel. Huwa importanti ħafna li tiġi żgurata s-sigurtà diġitali tkun waħda soda u tajba, partikolarment għal tranżazzjonijiet offline. Għalhekk, qed jiġu stabbiliti standards stretti biex jiggarantixxu l-affidabbiltà u l-integrità tat-teknoloġiji tal-ħlas offline. L-għan huwa li tiġi żviluppata l-aħjar soluzzjoni possibbli filwaqt li jittaffew ir-riskji tas-sigurtà diġitali, huwa stqarr.

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ECON exchange of views with Piero Cipollone

During an exchange of views on the progress of the digital euro project, at the European Parliament’s Economic and Financial Committee (ECON), former Prime Minister Alfred Sant claimed that “the digital euro should not bear interest (neither positive nor negative) since it is to serve as a means of payment and not as a store of value”.

The digital euro is a digital form of central bank money. In the context of the European Union’s digital transition, the digital euro would among others support the European Union’s digital finance and retail payments strategies, as an additional, innovative and safe means of payment.

The project commenced in July 2021 and concluded its initial “investigation phase” by October 2023. The European Commission, in 2023, proposed two legislative measures aimed at establishing the digital euro. Once these proposals are adopted, they would grant the European Central Bank the authority to determine the timing and conditions for issuing the digital euro.

The ECON exchange of views was with Piero Cipollone, the newly appointed member of the European Central Bank (ECB) Executive Board.  He outlined the state of play of the European Central Bank’s technical work as part of the preparation phase for the digital euro project.

On the kinds of data that the eurosystem would need to receive in order to carry out necessary system checks, Alfred Sant asked Mr Cipollone what data categories would be required. Besides, Sant queried how the privacy of the digital euro user would be respected.

He also asked Mr Cipollone whether it is being considered to allow the infrastructure for the digital euro to bear interest so as to make it future proof. Sant noted that the Regulation stipulates that both online and offline digital euro shall be provided as of the first issuance. Regarding the offline digital euro, Sant questioned whether the European Central Bank would provide more clarity on how it will be implemented and what are the challenges being encountered?

Mr Cipollone explained that the Eurosystem doesn’t require personal identification; instead, a code linked to the payer and payee is utilized, with only the payment service providers possessing actual identity information. This approach prioritizes privacy, utilizing advanced technological solutions and robust governance structures to ensure compliance and reassure citizens.

On remuneration, Mr Cipollone said that funds held in digital euro accounts are not rewarded, unlike traditional banking where interest may be earned. However, the service of transferring funds incurs costs, which are part of the compensation model. 

Finally, Mr Cipollone addressed the question on offline-online compatibility, specifying that efforts are underway to integrate these systems seamlessly. Ensuring robust cybersecurity is paramount, particularly for offline transactions. Thus, stringent standards are being established to guarantee the reliability and integrity of offline payment technologies. The aim is to develop the best possible solution while mitigating cybersecurity risks, he outlined.