The European Central Bank (ECB) is pushing for a digital euro, stressing that it will boost Europe's competitiveness and strengthen the region's single market and European sovereignty.

Piero Cipollone, a member of the ECB's executive board, denounced companies and Europeans who incur huge costs due to the use of "international card networks such as Visa or Mastercard." Cipollone knows a better solution, according to his testimony to the European Parliament's Economic Affairs Committee in Brussels.