EU Parliament committee approves digital euro framework, targets 2029 launch

The European Parliament's ECON committee approved the legal framework for a digital euro, clearing the path for an ECB-backed digital currency by 2029. The offline version will allow phone-to-phone transfers without internet, with cash-like privacy protections.

• ECON committee voted to approve the digital euro legal framework and ordered immediate trilogue talks
• Offline version allows direct phone-to-phone transfers without internet, with cash-like privacy
• Commercial banks secured strict holding limits to prevent mass exodus from traditional accounts
• 12-month pilot phase will test infrastructure with select merchants and payment providers
• EU officials say the digital euro is needed to reduce reliance on US payment giants and stablecoins

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Last updated 24 Jun 2026