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Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards
The proposal would let people pay online and in stores with a central bank-backed wallet, while holding limits and privacy rules aim to protect banks.
- On Tuesday, the European Union moved closer to creating a digital euro when lawmakers held a long-awaited vote on the virtual currency to establish a sovereign, pan-European payment solution.
- Centrist EU lawmaker Gilles Boyer described payment systems as "instruments of power," noting nearly two-thirds of card payments in the euro area are handled by non-European companies Visa and Mastercard.
- ECB advisor Alessandro Giovannini said the digital euro would give consumers more choice, allowing them to "preserve their freedom to choose how to pay as daily life becomes more digital."
- European banks cited a European Banking Federation report estimating 18 billion euros to adapt the banking system, though the ECB insists investment costs will range between four and 5.8 billion euros.
- If negotiators approve the rules by year's end, the ECB hopes the digital euro will be available to citizens in 2029, with a pilot programme planned for mid-2027 to test technical readiness.
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112 Articles
112 Articles
Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards
·New York, United States
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The EU supported the creation of a digital euro: committee vote, launch plans and reasons for switching to a new currency 23 June 2026
The digital currency will be launched before 2029 to strengthen Europe's payment autonomy and reduce dependence on the United States dollar's dominance.
·Kyiv, Ukraine
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The ECB on the approved position: It will protect euro cash as a legal means of payment and, at the same time, it will shape the digital euro.
·Milan, Italy
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The French banks were opposed to this project, and the European Central Bank is pushing it, in the name of sovereignty imperatives.
·Paris, France
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Is the ECB's digital money coming soon? An important step has been taken. Now the project could progress faster than many expected.
Coverage Details
Total News Sources112
Leaning Left16Leaning Right11Center15Last UpdatedBias Distribution38% Left
Bias Distribution
- 38% of the sources lean Left
38% Left
L 38%
C 36%
R 26%
Factuality
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