The EU speeds up the "Digital Euro" plan to reduce dependence on the US

The EU is accelerating the digital euro plan to reduce its reliance on US payment giants. On January 28, European Commissioner for Economic Affairs Valdis Dombrovskis stated that the "digital euro" plan aims to enhance the EU's autonomy in the global payment system.

The European Central Bank has been exploring the possibility of introducing a digital euro since 2020, with the goal of modernizing the payment system and ensuring the EU's importance in an increasingly digital world. However, Reuters pointed out that due to a lack of political urgency and partial resistance from the banking sector, the progress of the digital euro plan has been relatively slow.

Regarding this, Dombrovskis pointed out that the US government, during Trump's administration, used economic means to pressure Europe to achieve American strategic goals, such as in the case of Greenland. This pressure has made Europe re-evaluate the issue of digital currencies.

Reuters pointed out that currently, the EU's payment market is highly dependent on non-European companies. Nearly two-thirds of EU card transactions are processed by American companies Visa and Mastercard. This high concentration of technology and markets poses potential risks to the EU economically. Dombrovskis warned that handing over such a degree of technological control to foreign companies could limit the EU's ability to act independently and threaten its economic security and resilience.

The digital euro can be used for online shopping as well as in physical stores. Dombrovskis emphasized that it is imperative to implement the digital euro and accelerate the process. He said that this move is not only an update of the payment tool but also a key part of enhancing Europe's strategic autonomy.

Last December, the 27 EU member states reached a consensus that the digital euro should be usable anywhere and at any time, regardless of whether the user is connected to the internet or not. The European Central Bank stated that once the relevant negotiations with the European Parliament are completed, the digital euro can be issued and is expected to be put into use before 2029.

Source: rfi

Original: toutiao.com/article/1855605086096455/

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