According to Decrypt, the European Central Bank (ECB) stated in a new report that progress has been made in implementing offline digital euro payments on smartphones. The plan is to achieve this through secure chips (eSE) embedded in user devices.
The ECB held technical discussions with device manufacturers and technology service providers in October 2024, but did not disclose specific participants. The report noted that offline functionality faces technical challenges and requires collaboration from multiple parties.
Offline CBDC payments help enhance resilience in the face of cyber attacks, improve accessibility in underdeveloped regions, and provide a cash-like level of privacy. The ECB reaffirms its commitment to privacy, emphasizing the role of offline payments in achieving this goal.
