Europe moves closer to digital currency

It aims to offer a European alternative to US dollar-backed stablecoins

- BY JUSTIN VARGHESE Your Money Editor

Europe is taking a concrete step towards its own digital currency.

Eurozone finance ministers recently agreed on how much money individuals will be allowed to hold in a future digital euro, a milestone in a project championed by the European Central Bank (ECB) since 2021.

ECB President Christine Lagarde called the move “a good step in the right direction,” while Spanish Economy Minister Carlos Cuerpo said most of the work is done and a broader deal among EU countries could happen in 2025. The digital euro aims to reduce reliance on foreign payment providers like Visa and PayPal and offer a European alternative to US dollar-backed stablecoins.