European Parliament backs digital euro with 70% support, addressing privacy concerns and reinforcing central bank digital currency plans.
The European Central Bank’s digital euro project gained significant momentum after the European Parliament voted nearly 70% in favor of the initiative. The endorsement follows extensive consultations with citizens, merchants, and banks across Europe, as well as input from other central banks outside the euro area, ensuring the proposal’s robustness and legitimacy.
Opposition to the digital euro centered on privacy concerns and fears of surveillance, but ECB officials emphasized that the design prioritizes confidentiality. Offline transactions will offer cash-like privacy, while online payments will prevent the central bank from tracking individual users, according to the ECB.
The vote marks a critical step toward safeguarding payment choice for Europeans, with the digital euro positioned as a modern alternative to traditional cash. Further legislative and technical developments are expected in the coming months.