The European Parliament's economic committee has backed a digital euro designed to reduce Europe's dependence on US-controlled payment networks such as Visa and Mastercard. The ECB-backed currency is targeted for launch by 2029 after a full parliamentary vote and negotiations with EU member states. Euronews reports: Under the proposal, consumers would be able to hold digital euros in a dedicated wallet, subject to a holding limit that has yet to be determined. The system would support both online and offline payments and is intended to offer a high degree of privacy, with the ECB unable to directly identify users from their payment data.

The ECB would provide the underlying infrastructure,...