EU Launches Digital Euro Amid Fears Over Surveillance

The European Central Bank (ECB) is moving forward with its plan to launch a digital currency, which it claims will offer 'maximum privacy' and alleviate concerns over government surveillance. The ECB has been working on the digital euro for several years and has now officially approved its creation by the European Parliament in July of this year.

The central bank says that a digital Euro currency will be incapable of linking specific individuals to their transactions, whether conducted online or offline. Only banks involved in online transactions will be able to identify users, but only for anti-money laundering purposes.

The ECB stresses that the digital euro is not meant to replace physical cash and remains committed to keeping it in circulation. The rollout of the digital euro is expected to take place in 2029, with European Central Bank President Christine Lagarde saying recently that the digital euro and physical cash will coexist in years to come.