"On Friday, EU ministers reached an agreement on the next steps for the rollout of a digital euro. The electronic currency is intended to be an alternative to the dominant American payment systems of Visa and Mastercard. The ECB hopes to have the legislation ready by June. The ECB expects to have the legislation ready by June. After that, the bank will need another two and a half to three years to actually launch the digital euro."
"The discussion about a digital euro has gained momentum this year. Europe aims to reduce its dependence on other countries in critical areas, including energy, finance, and defense. The ECB presents the digital euro as a way to reduce Europe's reliance on American credit card systems and as a response to global stablecoin initiatives linked to the US dollar. The electronic currency works like a digital wallet with the support of the European Central Bank."
EU ministers agreed on next steps for a digital euro and set procedures giving ministers input on issuance and holding limits. The digital euro is designed as an alternative to dominant US payment systems like Visa and Mastercard and could resolve fragmentation among national digital payment systems. The ECB targets legislation by June and expects a further two and a half to three years for launch, implying availability around 2028. Europe seeks reduced dependence on foreign systems and a response to US-dollar-linked stablecoins. The digital currency would operate as a digital wallet supported by the ECB. Legal approval remains outstanding and concerns include bank funding erosion, cost, and privacy.
Read at Techzine Global
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