A European Digital Wallet Moves Closer: EU Lays Groundwork for Digital Euro

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The dream of a secure, public digital wallet for all Europeans advanced this week as EU finance ministers agreed on a plan for the digital euro.

Designed to offer an alternative to private payment giants like Visa and Mastercard, the digital euro would be issued directly by the Eurosystem, not commercial banks.

To address concerns, officials plan to cap the amount each resident can hold, safeguarding the traditional banking system. “The digital euro is not just a means of payment, it is also a political statement concerning the sovereignty of Europe,” stated ECB Chief Christine Lagarde.

While the political roadmap is now clear, consumers will need to be patient. The project faces a lengthy legislative process in the European Parliament, with a launch not expected for several years.