European Parliament clears path for digital euro launch by 2029
The European Parliament on Tuesday paved the way for the introduction of a digital euro, with a clear majority of lawmakers endorsing the project in a decisive vote. The move, confirmed across multiple reports on 23 June 2026, signals a major step toward launching the electronic currency by 2029 and marks a strategic bid to reduce Europe’s reliance on U.S.-dominated payment systems such as Visa and Mastercard .
Economic and monetary affairs committee members of the European Parliament voted overwhelmingly in favor of a negotiating mandate, effectively greenlighting the digital euro’s legislative framework. The decision follows repeated calls to create a European alternative to foreign-dominated digital payment rails, which currently process the vast majority of online transactions across the continent . The European Central Bank welcomed the vote, stating that the digital euro will preserve cash as legal tender while providing a new, electronic form of the single currency .
Officials have outlined key features to ensure broad accessibility and continuity with existing payment habits. Stelios Georgakis, payments director at the Central Bank of Cyprus, confirmed that the digital euro will support offline transactions by 2030, offer physical cards for users without smart devices, and be rolled out fully by that year . The European Commission has also emphasized that the new currency could accelerate European integration by extending its use beyond the euro area, including to EU accession countries, while simultaneously reducing dependence on U.S. financial intermediaries .
Analysts see the digital euro as a response to the dominance of U.S. payment giants in Europe’s digital economy. The European Parliament’s endorsement comes as lawmakers seek to make cross-border payments cheaper and faster, while asserting greater control over monetary sovereignty . The ECB has previously stated that the digital euro will not replace cash but will complement it, ensuring that all citizens retain access to a secure, public form of money .
With the European Parliament’s position now adopted, negotiations with EU member states on the final legislative text are expected to begin in the coming months. A pilot scheme for the digital euro could be launched as early as next year, according to Euractiv, marking a historic moment for Europe’s financial autonomy .
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