The European Central Bank (ECB) president, Christine Lagarde, announced plans for a digital euro, a central bank digital currency (CBDC), aiming to launch it as soon as possible for online payments in the EU. The ECB governing council plans to start testing and deploying a retail CBDC by 2029 pending EU legislation approval.

The announcement of the ECB’s digital euro faced backlash from the crypto community, with concerns about real-time monitoring of payments and spending habits. Lawmakers in France and Germany have proposed banning CBDCs and embracing Bitcoin as a decentralized, neutral, supply-capped digital currency. The move is seen as an erosion of trust in traditional currencies.

Read more at Cointelegraph: ECB Head Pushes CBDC, Calls it a Unifying Force in Europe