The digital euro is reportedly closer to becoming a reality following a Tuesday (June 23) vote.
As Bloomberg News reported, the European Parliament’s ECON Committee approved a plan to launch both online and offline versions of the currency, which the European Central Bank hopes to introduce by 2029.
The vote sets the stage for final talks between the legislature with governments and the European Commission, the report added.
“We welcome that the European Parliament’s ECON Committee has agreed on its position on the single currency package, which will safeguard euro cash as legal tender while also shaping the digital euro,” the ECB said in a statement, per Bloomberg.
The report notes that concerns about over-dependence on American payment providers such as Mastercard and Visa — as well as the White House’s support of stablecoins — have added momentum to the digital euro project, which was launched in 2023 but stalled amid debate among nations and lawmakers.
This included discussions among parliament about whether to introduce both online and offline versions of the coin.
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Rapporteur Fernando Navarrete, a member of the center-right European People’s Party, had supported an offline version, with an online counterpart coming in a second phase only if the private sector could not come up with a timely alternative.
The ECB counted that both versions would be required to reap the full benefits of the digital money. The Parliament backed that idea in February.
In a statement to Bloomberg following the vote, Navarrete insisted that the move to create a digital euro won’t halt the use of physical money.
“The goal is not to push anyone towards a particular form of payment, but to offer more options and preserve freedom of choice,” he said. “We want those who wish to continue using cash to be able to do so, and for those who prefer digital means to also have a secure European alternative provided by the European Central Bank.”
Meanwhile, banks in Europe are exploring alternatives to a digital euro, such as a euro-pegged cryptocurrency. In late May an additional 25 banks joined a consortium developing this solution.
PYMNTS reported late last year that this venture, Qivalis, was launched by 10 of Europe’s largest banks and aims to roll out a euro-pegged stablecoin to offer convenience and “monetary autonomy in the digital age.”
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