EU lawmakers back digital euro plan, clearing path for 2029 launch
What's next: Parliament could open talks with EU governments and the Commission next month, with a 12-month pilot penciled in for late 2027.
A key European Parliament committee backed draft rules for a digital euro on Tuesday, giving the European Central Bank a major step toward launching the currency in 2029. The plan would create a central bank-backed electronic wallet for eurozone residents to use online and in stores, with banks and fintech firms distributing it. Supporters argue it would cut the bloc’s dependence on US payment networks such as Visa and Mastercard and strengthen Europe’s payment autonomy. A far-right group opposed the measure, raising the chance of another vote in Parliament’s plenary session. If lawmakers do not block it, negotiations with EU governments and the European Commission are expected to begin next month.