EU Lawmakers Give Digital Euro the Green Light, but Rollout Still Years Away
Lawmakers backed the plan by 416 votes, setting privacy rules, merchant acceptance requirements and a cap on how much digital euro users can hold.
- The European Parliament voted on Thursday to begin negotiations on creating a digital euro, approving the mandate with 416 votes in favor, 169 against, and 22 abstentions.
- Designed as an electronic payment instrument rather than cryptocurrency, the digital euro would be guaranteed by the European Central Bank and complement traditional cash and existing payment methods.
- Consumers will access free basic services including account management and payment instruments, while holding limits protect financial stability and prevent large-scale shifts from bank deposits.
- Negotiations will soon begin with the Irish Presidency, led by rapporteur Fernando Navarrete Rojas from Spain. Eurozone countries must ensure cash remains accessible, and businesses remain obligated to accept physical banknotes.
- Available to all Eurozone residents for online and offline transactions, the digital euro extends beyond the currency area; banks and payment service providers in non-euro EU countries may also distribute it.
12 Articles
12 Articles
416 MEPs voted in favor of starting the talks, 169 voted against, and 22 abstained. The Parliament also approved the start of negotiations on regulations governing the provision of digital euro-related services by providers from European Union countries that are not members of the eurozone. Some MEPs oppose the start of the negotiations. Representatives of the Patriots for Europe, European Conservatives and Reformists, and Europe of Sovereign Na…
After the European Parliament's green light, the stage of negotiations with the Council and the Commission opens. That is what the digital euro is, when it could come and what will change for citizens and businesses.
The European Parliament supported the introduction of the digital euro this Thursday (July 9). Now the negotiations on the legal framework follow. What is the digital euro and what does its introduction mean for citizens?
German EU parliamentarians want to make the financial system more independent of US companies. They vote in favour of the introduction of the digital euro. However, local banks also have something against it, because they fear loss of revenue. They try a lot to change parliamentarians.
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