A key European Parliament committee approved draft rules for a digital euro to create a public alternative to private systems. The move aims to reduce eurozone reliance on U.S. companies like Visa and Mastercard.
The European Central Bank will issue the currency as an electronic wallet for online and offline transactions. Basic services will be free for consumers to bolster Europe’s strategic autonomy.
A pilot program is scheduled to begin in 2027. A full launch of the digital currency could follow in 2029.