EU Parliament Greenlights Digital Euro
Lawmakers voted 416-169 to begin talks on a digital euro, with a pilot planned for mid-2027 if negotiators reach a deal.
- On Thursday, the European Parliament voted to support negotiations for a digital euro, with 416 delegates backing the project. Lawmakers will meet with member states this month to finalize the legal framework.
- The European Central Bank aims to reduce dependence on non-European payment systems like Visa and Mastercard. Currently, 13 of 21 eurozone countries lack national card schemes, driving the need for a sovereign alternative.
- EU lawmaker Fernando Navarrete Rojas described the digital euro as "an alternative, not a requirement," rejecting claims it could be used as a control tool. He stressed it will utilize "the highest privacy standards."
- Alessandro Giovannini, advisor to the digital euro director at the ECB, noted the currency will let consumers "preserve their freedom to choose how to pay." Negotiators aim to reach a deal by the end of 2026.
- If the timeline holds, a pilot program will launch in mid-2027 to test practical implementation. The ECB hopes the digital euro will be available to citizens by 2029, pending final agreement on the legal framework.
51 Articles
51 Articles
The European Parliament agrees to begin negotiations to define the rules governing the digital currency before it is issued.
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Digital euro? European Parliament's project is one step closer now
The European Parliament has taken a major step towards introducing the digital euro, approving its negotiating position on the legislation that could pave the way for the EU’s first central bank digital currency. If the remaining negotiations proceed as planned, Europeans could begin using the new payment method by the end of the decade.Continue reading
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