The European Parliament has approved the creation of a digital euro

The European Parliament (EP) has approved a project to create a digital euro, which is now entering the final stage of inter-institutional negotiations before the planned launch of the new currency in January 2029, the European Conservative reported on July 9.

"The digital euro was approved by 416 votes in favor with 169 votes against," the article says.

By the end of this year, the EU Council, the European Parliament and the European Commission must agree on the final parameters of the project, after which the European Central Bank plans to launch limited testing in 2027, the article says.

Brussels says the digital euro should strengthen the EU's strategic autonomy and reduce dependence on American payment systems, while it will be used alongside cash rather than replacing it. At the same time, some MPs and data protection experts warn that digital currency can become an instrument of financial control and supervision.

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The New York Times reported on June 3 that the European Union had presented its plan to reduce the bloc's dependence on American technology, including by expanding the region's data center capabilities. The new EU plan also provides incentives for European governments and businesses to purchase technology from domestic suppliers, primarily in areas critical to security.