The European Parliament's Economic and Monetary Affairs Committee has adopted a position paper on the digital euro legal framework, paving the way for negotiations with member states and the European Commission. The plan includes both online and offline versions, with the ECB targeting a full rollout by 2029 and a pilot within 12 months to reduce reliance on Visa, Mastercard, and dollar-pegged stablecoins.
According to Bloomberg, the European Parliament's Economic and Monetary Affairs Committee (ECON) has officially adopted a position paper on the legal framework for the digital euro, paving the way for negotiations with member states and the European Commission on final rules. This marks a crucial step in the legislative process for the central bank digital currency.
The plan envisions both an online and an offline version of the digital euro to cater to different payment scenarios. The European Central Bank targets a full rollout by 2029, with a pilot project to be launched within the next 12 months to test the infrastructure in real-world conditions. Regulators aim to reduce dependence on international card networks like Visa and Mastercard, as well as dollar-pegged stablecoins, by providing a secure European native option for retail payments, without eliminating physical cash.
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