EU Presses Ahead with Digital Euro Plans Amid Concerns Over Privacy and Public Scepticism

The European Central Bank (ECB) is pushing forward with plans to introduce the digital euro across the EU by 2029. This move aims to reduce reliance on private foreign players, such as US-based Visa and Mastercard, and strengthen Europe's technological sovereignty.

The digital euro would be an electronic means of payment backed by public money issued by the ECB, designed for both online and in-person transactions. According to the EU, it is intended to complement cash, not replace it.

While use of the digital euro would be optional for citizens, most businesses would be required to accept payments in digital euros. The proposal has raised concerns about disinformation, privacy, and public scepticism, with a Deloitte report finding that 61% of Spaniards would not adopt the digital euro.