EU lawmakers back starting negotiations on digital euro creation

European Union lawmakers have voted to begin negotiations on establishing a digital euro, a move that accelerates the bloc's efforts to introduce its own virtual currency. The project, which has been in development for years, requires a legal framework before the digital currency can be made available to the public.

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an alternative, not a requirement.

The EU views a digital euro as a strategic way to lessen its dependence on dominant U.S. payment platforms such as Visa, Mastercard, Apple Pay, and Google Pay. Following an initial approval from a European Parliament committee, the proposal faced a challenge, leading to a call for a full assembly vote.

An overwhelming majority of lawmakers supported moving forward with the digital euro. This decision empowers negotiators from the parliament and EU member states to commence talks, aiming to finalize an agreement by the close of 2026. If this timeline is met, the European Central Bank anticipates the digital euro could be accessible to citizens by 2029.

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lying

Fernando Navarrete Rojas, a lead negotiator for the parliament, emphasized that the digital euro would serve as an "alternative, not a requirement." He refuted claims that the digital euro would be used as a "tool of control," asserting that the highest privacy standards would be implemented.

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highest privacy standards.