EU Takes a Step Closer to Digital Euro, Reducing US Reliance
For those who prefer not to use physical cash, various digital payment alternatives are already available, such as Google Pay, Samsung Pay, and credit cards from American Express and Mastercard. However, these are all US-based services. Recognizing this reliance, the European Union has been actively developing its own digital euro, aiming to lessen Europe's dependence on foreign financial technology providers.
News outlet Omni, citing AFP, reports that the EU has made significant progress. A majority in the European Parliament has granted support to commence negotiations on the digital euro. These discussions are slated to begin as early as this month, with the aim of having the system operational by 2029. A key concern remains the potential for increased citizen surveillance, making data privacy a top priority in the ongoing development process.
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