Cyprus Accelerates Digital Future: President Meets with Oracle To Drive Transformation

by News Editor

April 9, 2025

This week, President Nikos Christodoulides engaged in pivotal discussions with Luke Kowalski, Oracle’s Senior Vice President for Corporate Affairs and Compliance. The focus? Accelerating Cyprus’ journey into the digital future.

The Role Of Oracle In Cyprus’ Transformation

The meeting centered around the development of robust cloud infrastructure and strategies to propel the nation’s economy. As shared by government spokesperson Konstantinos Letymbiotis on LinkedIn, Oracle is poised to play a crucial role in meeting Cyprus’ strategic ambitions.

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Building Local Talent And Opportunities

An exciting element discussed was a skills development initiative aimed at nurturing local tech talent and enhancing job opportunities. This move positions Cyprus as a key player in the Eastern Mediterranean’s tech landscape, leveraging its strategic location.

Cyprus As A Tech Hub

With attractive tax incentives and a stable political environment, Cyprus is rapidly becoming a regional hub for tech innovation. The collaboration with Oracle underscores the government’s vision of establishing the island as a beacon of digital governance and innovation.

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Digital Euro Moves Forward In EU Push For Payment Independence

by THEFUTURE.TEAM

April 28, 2026

Strengthening Strategic Autonomy

At an event held at the House of the Euro in Brussels on April 22, central bank officials discussed the role of a digital euro in strengthening the European Union’s financial independence. Participants included Stelios Georgakis, Payments Supervision Director at the Central Bank of Cyprus, and Joachim Nagel, President of the Deutsche Bundesbank.

Redefining Central Bank Role In A Digital Era

Nagel stated that the digital euro is no longer viewed solely as a technical development but also as part of a broader policy direction. He emphasized the need to strengthen Europe’s payment infrastructure to ensure resilience and independence. The digital euro is intended to complement cash rather than replace it, maintaining the role of central bank money in a more digital financial system.

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Reducing Dependence On Non-European Infrastructure

According to Nagel, around two-thirds of card payments in Europe currently rely on non-European systems. This reliance is seen as a structural vulnerability. A digital euro could help reduce this dependency by supporting a more integrated and locally controlled payments framework.

Legislative Roadmap And Timeline

Looking ahead, Nagel expressed a strong optimism regarding the legislative process, suggesting that completion could occur by year‑end. This progress may set the stage for the first issuance of the digital euro as early as 2029, in alignment with Europe’s broader ambitions for financial resilience and technological advancement.

Comprehensive Payments Strategy

During the discussion, Georgakis outlined the European Central Bank’s approach to payments. The strategy combines retail and wholesale systems, including instant payments, a digital euro, and infrastructure based on distributed ledger technology. Improving cross-border payment efficiency remains a key objective.

Transforming Europe’s Financial Landscape

The discussion reflected alignment between central banks, policymakers, and other stakeholders on the direction of Europe’s payment systems. Development of a digital euro is positioned as part of a broader effort to strengthen financial infrastructure, support economic resilience, and maintain the euro’s role in a changing global environment.

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