EU Parliament Endorses Digital Euro with Online and Offline Functionality
The European Union Parliament has taken a decisive step toward the launch of a digital euro, voting overwhelmingly to support the European Central Bank's initiative. The MOVE signals a strategic shift in Europe's approach to monetary sovereignty amid growing competition from non-European payment systems.
Lawmakers approved two key amendments to the ECB's annual report, with 420 votes in favor of the first amendment and 438 supporting the second. The digital euro proposal now includes both online and offline functionality, expanding beyond earlier offline-only concepts.
The parliamentary endorsement clears a critical hurdle for the ECB, which requires legislative approval before issuing a central bank digital currency. The central bank targets a 2029 launch, though this remains contingent on further approvals from EU institutions.
