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Have you ever thought about the impact of digital dependency on your daily life? Imagine a world where Europe is no longer reliant on American giants for its transactions and digital infrastructure. This is precisely what the continent aims to achieve by choosing to develop the digital euro with local cloud providers. Discover how this ambitious project could redefine the European financial landscape.
The 3 key facts not to miss
The European Central Bank has made a bold decision by choosing to rely solely on European cloud providers for the development of the digital euro. By collaborating with OVHcloud and Scaleway, the ECB affirms its commitment to strengthening Europe’s digital sovereignty.
This approach aims to reduce dependency on American players, who currently dominate the cloud and payment markets. By avoiding companies like Amazon, Microsoft, and Google, Europe seeks to minimize risks related, in particular, to the American Cloud Act.
By favoring local providers, the ECB takes a strong stance in favor of digital sovereignty. This choice is of strategic importance, although the immediate impact is still limited compared to the dominance of American giants.
European providers will support the secure exchange system of payment information, an essential element for the digital euro ecosystem. This initiative could encourage other sectors to follow the ECB’s example.
The digital euro is not yet a tangible reality. Its circulation depends on the approval of European regulation, expected by 2026. If all conditions are met, this new currency could be introduced in 2029.
This project represents a challenge for Europe, which must ensure the creation of a robust and secure infrastructure to support this major evolution of the financial landscape.
OVHcloud and Scaleway are not the only European players emerging in the cloud domain. Other companies, such as Deutsche Telekom and Atos, also play an important role in the movement towards digital sovereignty. In comparison, American giants such as Amazon Web Services, Microsoft Azure, and Google Cloud continue to dominate the global market.
The ECB’s initiative for the digital euro is part of a broader trend where Europe seeks to strengthen its technological autonomy. Similar projects have been launched to counter dependence on platforms like Visa and Mastercard, illustrating a growing desire to reduce the influence of non-European companies on the continent.