FRANKFURT, Germany—One board member of the European Central Bank is expressing concerns over the ability of iPhones to work with cryptocurrency.
The ECB’s Piero Cipollone recently wrote to Thierry Breton, the European Commissioner for the internal market, to warn that Apple's current plans are likely to make the iPhone incompatible with making offline payments in any futureEuropean central bank digital currency (CBDC), Forbes reported.
“The issue is, as Mr. Cipollone rightly notes, hat Apple’s proposed commitments to the European Commission would not give third parties full access to the secure element (SE) in the iPhone,” Forbes stated. “Access to the SE is important in the central bank digital currency (CBDC) context because, as Mr. Cipollone sets out in his letter, access to the SE is vital for mobile device-based offline digital euro payments.”
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