Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards
The rules would let the ECB issue a digital wallet and start a 12-month pilot, while aiming to limit dependence on Visa and Mastercard.
- 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.
122 Articles
122 Articles
Adaptation to the digital age remains a challenge for the governments of the various European countries. Therefore, the Committee on Economic and Monetary Affairs (ECON) has approved the legal framework for the implementation of the digital euro. Furthermore, after a vote it was approved with 43 votes in favour and 14 against with one abstention. What is the digital euro? The digital euro is a new electronic currency drawn by the ECB that can be…
Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards
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.
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.
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