European Parliament approves creation of digital euro

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The European Parliament voted 416 to 169, with 22 abstentions, to approve draft rules enabling a digital euro, moving the proposal into negotiations led by rapporteur Fernando Navarrete Rojas. A first negotiation round with the Irish Presidency of the Council is scheduled soon, and the ECB plans testing in 2027 ahead of a full 2029 launch. The parliament seeks an ECB-issued, secure, private and free-to-use payment method usable online and offline, with most businesses required to accept it, a cap on individual holdings, free basic services, and obligations to keep cash accessible.

Parliament approved rules to create an ECB-issued digital euro.