ECB Aims for Digital Euro as a Symbol of Trust
European Central Bank (ECB) President Christine Lagarde reaffirmed last week her ambition to launch the digital euro – a central bank digital currency (CBDC) project that she described as “a symbol of trust in our shared destiny.” According to Lagarde, the ECB aims to roll out the digital euro “as soon as possible,” ideally within the next decade.
Digital euro as a complement to cash
“Just as banknotes will remain in circulation, we want cash to exist in digital form as well,” Lagarde said. The ECB plans to enable digital euro payments across the entire European Union.
The ECB’s Governing Council announced that the institution is moving to the next stage of the project — building the technical infrastructure needed to test and eventually launch the retail CBDC. If lawmakers in Brussels approve the necessary legislation, pilot testing could begin as early as 2029.
Critics warn of loss of freedom
The announcement sparked immediate backlash among the crypto community and political commentators. CBDCs are widely viewed as the antithesis of decentralized cryptocurrencies and the philosophy of open finance (DeFi).
Critics argue that CBDCs are tools for surveillance and control, potentially threatening civil liberties, freedom of speech, and privacy. “Get rid of it — we’ll use private money,” said Mert Mumtaz, CEO of blockchain infrastructure company Helius, reacting to Lagarde’s statement.
Political analyst David Thunder pointed out the contradiction in Lagarde’s words: “A shared currency is meant to symbolize trust in our shared destiny, yet creating a central bank digital currency undermines that trust by enabling real-time tracking of our payments and purchasing habits.”
Germany and France propose banning CBDCs and supporting bitcoin
Some European politicians have also pushed back against the ECB’s plans. In France, Éric Ciotti from the conservative Union of the Right for the Republic introduced a bill to ban CBDCs and instead promote the adoption of bitcoin as a free, decentralized, and supply-limited digital currency. Similarly, Germany’s Alternative for Germany (AfD) party urged the government to treat bitcoin as a strategic national asset.
Europe’s debate on digital finance continues
The digital euro project is part of the EU’s broader effort to modernize its payment systems and strengthen monetary sovereignty at a time when private stablecoins and cryptocurrencies are gaining ground. While the ECB sees a state-backed digital currency as a way to maintain control over financial stability, the crypto community increasingly views it as a tool of surveillance.
How the EU ultimately decides will shape not only the future of the euro but also the role of cryptocurrencies in Europe. Whether the digital euro becomes a “symbol of trust” or one of control remains to be seen.
Sources:
https://x.com/ecb/status/1984214157743292520
https://www.ecb.europa.eu/euro/digital_euro/progress/html/ecb.deprp202510.en.html
https://cointelegraph.com/news/open-source-cbdcs-not-going-protect-you-from-government
https://x.com/0xMert_/status/1984297904849510709
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