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European Parliament Approves Digital Euro, Initiating Next Legislative Steps

12 sourcesFirst reported 13 days agoUpdated 10 days ago

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The European Parliament has voted in favor of the creation of a digital euro, initiating the final negotiation phase with EU member states.
The decision was made during a plenary session held in Strasbourg, with 416 votes in favor, 169 against, and 22 abstentions.
This development paves the way for formal negotiations with the Council of the European Union, represented by the Irish Presidency.
The digital euro is envisioned as a new form of legal tender for retail payments within the European Union.
If approved, the digital euro could see a potential launch by 2029.

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The European Parliament has taken a significant step toward the creation of a digital euro by voting in favor of a draft regulation aimed at establishing it as a new form of legal tender within the EU. The vote, held in Strasbourg, saw 416 Members of Parliament supporting the initiative, while 169 opposed it, with 22 abstentions. This decision enables the commencement of official negotiations, or "trilogue discussions," with the European Council and aims to finalize details related to the Central Bank Digital Currency (CBDC), potentially paving the way for a launch by 2029.

The approval reflects the European Parliament's readiness to engage in talks with the Irish Presidency of the Council, focusing on important aspects such as privacy protections in digital transactions and the coexistence of traditional cash. European lawmakers have emphasized the need for the digital euro to enhance European sovereignty in the context of evolving global financial dynamics, when reliance on external payment systems may no longer be tenable.

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