The European Central Bank (ECB) is continuing its efforts to introduce a digital version of the euro, which it says will support unity across the European Union.
ECB President Christine Lagarde shared on X that the institution aims to begin using the digital euro “as early as possible”.
Lagarde explained that the goal is not to replace physical money entirely but to offer a digital form of it. She noted that cash will still be available, but a digital alternative would allow people to make payments online using central bank–issued money.
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She described the euro as a shared currency for all Europeans and said a digital version would reflect a shared sense of purpose and trust.
Her comments followed an October 30 announcement from the ECB’s governing body, which confirmed plans to begin creating and testing the systems needed to support this digital currency. If the European Union passes the required laws, the digital euro could start becoming available to the public in 2029.
However, political commentator David Thunder warned in a post on X that while the euro is supposed to represent shared trust, a digital version might do the opposite by enabling constant oversight of personal transactions.
Additionally, French politician Éric Ciotti recently proposed a ban on central bank digital currencies in his country.
The ECB recently signed agreements with seven technology firms as part of its ongoing evaluation of a digital euro. What roles will these firms play? Read the full story.
