According to Decrypt, the European Central Bank (ECB) said in a new report that it has made progress in implementing offline digital euro payments on smartphones. The plan is to achieve this through a secure chip (eSE) embedded in user devices.
The ECB held technical discussions with equipment manufacturers and technical service providers in October 2024, but did not disclose the specific participants. The report pointed out that offline functions face technical challenges and require collaboration from multiple parties.
Offline CBDC payments can help build resilience against cyberattacks, improve accessibility in less developed regions, and provide cash-like levels of privacy. The ECB reiterated its commitment to privacy, emphasizing the role of offline payments in achieving this goal.