The European Parliament supported the promotion of the digital euro – what is known about the ECB's new currency
The European Parliament's Committee on Economic and Monetary Affairs voted to advance a legislative initiative to create a digital currency aimed at reducing Europe's dependence on US payment systems. This was reported by Euractiv.
The legislative proposal to launch the digital euro, submitted by the European Commission in 2023, received support from 43 committee members. Fourteen deputies voted against it, and one abstained.
The European Parliament plans to reach an agreement with EU member states on the creation of the digital currency by the end of this year.
The pilot launch of the project is expected in the second half of 2027, with a full release by the European Central Bank in 2029.
The digital euro initiative has faced delays due to concerns from some political forces, particularly far-right groups, who expressed worries about privacy and the possible displacement of cash.
The European Central Bank emphasizes that the digital currency is intended to complement cash payments and existing banking services, not replace them.
According to the proposal, users will be able to store digital euros in special wallets with set limits. The system envisions both online and offline payments, as well as a declared high level of privacy – the ECB will not have direct access to users' personal identification through payment data.
According to the European Central Bank, American payment systems Visa and Mastercard account for 61% of card payments in the eurozone and nearly all cross-border transactions.
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