A European Parliament committee has overwhelmingly backed draft legislation setting up a framework for a digital euro, clearing the way for formal talks with EU member states aimed at reaching an agreement by the end of 2026 and a public rollout in 2029. The plan is designed to reduce reliance on U.S. payment systems such as Visa and Mastercard, as well as Apple Pay and Google Pay, and to strengthen Europe’s payments sovereignty. The digital euro would complement cash as legal tender, include a holding cap reportedly around €3,000 per person, and provide cash-like privacy for offline transactions.