EU committee advances digital euro bill after key vote
A key European Parliament committee has approved its position on the EU digital euro package by 43–14, advancing rules for a possible ECB-issued central bank digital currency targeted for a 2029 launch. The draft says the digital euro would complement cash, not replace it, and would be usable both online and offline. Online payments would be account-based, while offline payments would rely on local device storage and would not be refundable if the device is lost. Privacy protections are central: the proposal includes privacy-by-design tools such as zero-knowledge proofs, and the ECB would not access personal identification data. The currency would pay no interest, and holding limits would be set to reduce financial stability risks. Businesses would generally need to accept it, with limited exemptions, and basic services would be free. Distribution would involve banks, payment providers, post offices, and some regulated crypto firms. Before launch, the ECB must finish technical standards, pilots, and coordination, followed by a rollout period of at least two years.
