Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards
What's happening
The European Parliament's Economic and Monetary Affairs (ECON) Committee has approved draft legislation and a negotiating position that moves the ECB's digital euro closer to a planned 2029 launch. The package backs both online and offline versions, calls for a 12-month live testing phase in real environments, and is intended to reduce reliance on US-controlled payment networks (Visa and Mastercard account for 61% of card payments across the euro area, per ECB data). The Parliament is expected to adopt the committee's position in early July, after which talks with EU member states will begin.
Why it's trending
A committee vote turned policy plans into a formal negotiating position and set testing and timeline details, so lawmakers and markets see momentum toward a 2029 roll-out.
SignalHolding at its usual pace, confirmed across 2 independent source types.
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If you think Europe will just tweak Visa and Mastercard, think again: the ECON committee just voted to build a central-bank digital euro with offline capability and a 12-month live test ahead of a 2029 launch, that is a direct push to cut the 61% card dominance of Visa and Mastercard in the euro area.
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Original sources21
- Digital euro cleared by EU committee in payments power shift
The European Parliament’s Economic and Monetary Affairs Committee has approved the digital euro, a central bank-backed digital currency designed to reduce Europe’s dependence on US-controlled payment networks ahead of a projected 2029 launch. According to European Central Bank (ECB) data, Visa and Mastercard together account for 61% of card payments across the euro area, with […]
FinTech GlobalJun 26 - Digital Euro moves closer to reality in Europe
The European Union has taken a significant step towards creating a digital euro, with the European Parliament’s Economic and Monetary Affairs (ECON) Committee approving its negotiating position on the legislation... read more The post Digital Euro moves closer to reality in Europe appeared first on Payments Industry Intelligence .
Payments Industry IntelligenceJun 25 - Digital euro clears key hurdle as EU seeks to break free from U.S. credit cardsHackerNewsJun 23
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