The digital euro is coming - what it means, what it must not do and what it could do

Public money is more than just a medium of exchange - it is a symbol of state sovereignty, a guarantor of economic order and a means for all citizens to participate freely in economic life. For centuries, cash was an expression of this freedom: anonymous, unconditionally usable, valid everywhere. With the gradual replacement of cash by digital payment methods, a central question is now being posed anew: who will control the money of the future - and under what conditions?

This is precisely where the debate about the "digital euro" comes in. For some years now, the European Central Bank (ECB) has been planning to introduce a state-guaranteed digital means of payment in addition to cash that can be used by all citizens - regardless of bank accounts, credit cards or tech companies. The intention sounds harmless at first. But a closer look reveals that it is about much more than just a new payment method. It's about control, trust - and the relationship between citizens and the state in an increasingly digitalized world.

In this article, we trace the development of the digital euro from its beginnings to the planned introduction steps, classify it historically and take a critical look at its potential impact on society and the economy.

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From cash to the bits & bytes era - How the euro ended up here

The history of the euro is comparatively young, but it is closely interwoven with the idea of a united Europe. The euro was first introduced in 1999 as book money, i.e. for electronic transfers and accounts. It was not until three years later - on January 1, 2002 - that it found its way into people's wallets in the form of coins and bills.

The transition from the Deutschmark, the franc or the lire to the euro was largely orderly, but was also accompanied by skepticism from the outset. Particularly in countries such as Germany, where trust in stable currencies is historically deeply rooted, the new euro was viewed critically. Over time, however, it established itself as a reliable means of payment in the eurozone - and became the second most important currency area in the world.

In the two decades since then, the framework conditions have changed fundamentally. Digital payment methods such as PayPal, Apple Pay and Google Pay are increasingly replacing cash. At the same time, Bitcoin and other cryptocurrencies have emerged as private alternatives that are shaking the foundations of the monetary system. The ECB and began to examine the introduction of its own digital euro.

Why central bank digital money at all? Three motives of the ECB

The introduction of a digital euros by the central bank is not a whim of technology-loving bureaucrats. Rather, it is the result of a strategic necessity based on three main motives:

1. Independence from foreign payment service providersThe majority of cashless transactions in Europe are processed via US-based systems - be it Visa, Mastercard or PayPal. This dominance also means political dependency. A digital euro could create a European alternative here.
2. Response to cryptocurrencies and stablecoinsDigital currencies such as Bitcoin, but also corporate stablecoins (e.g. Facebook's failed Libra project), have strengthened the trust of many people in alternative forms of payment - but at the same time have also raised questions about stability and state control. The ECB sees it as its task to create a secure, state-backed digital alternative.
3. Ensuring access for all - including digitallyCash is becoming less important. If it disappears, only privately controlled money will remain. A digital euro should ensure that "public money" remains available in the digital space - as a supplement to cash, not as a replacement.

These motives show: The digital euro is not a purely technical innovation, but a political decision. The central question is: should it still be possible to pay with public money in a digital future - or will we then be completely at the mercy of private providers?

Political framework: The legislative path to the digital euro

The legal framework for the digital euro is not being created in the ECB's quiet chamber, but is being actively shaped by the EU institutions. As early as 2023, the EU Commission has presented an initial legislative proposal to legally enable and support the introduction of the digital euro.

It explicitly emphasizes that the digital euro is not intended to replace cash, but merely to supplement it. It is envisaged that it will be legal tender and must be accepted throughout the eurozone - just like the euro banknote today. This would give the digital euro not only technical, but also legal parity with cash.

These developments are not going quietly. In the European Parliament, in national parliaments and also in public, there are sometimes heated discussions about the sense and risks of digital central bank money. While the ECB insists on data protection and voluntariness, critics express concerns about state surveillance, technical intransparency and the creeping abolition of cash.
The digital euro is still a project in development. But one thing is already clear: if it is introduced, it will permanently change the relationship between citizens, the state and banks - possibly fundamentally.

"Digital euro" project on the timeline - what has already been decided

The development of the digital euro is not a quick fix, but follows a structured roadmap that now spans several years. Anyone who is familiar with the timeline can better assess how far the project has already progressed - and which steps still need to be taken.

The path to possible introduction is divided into several clearly defined phases: the investigation phase from 2021 to 2023, the current preparation phase, and the next decision point in October 2025, which may decide on the actual implementation.

1st investigation phase (July 2021 to October 2023): Collect ideas, check risks, design architecture

The investigation phase, which officially began in July 2021, initially served to establish the baseline. The aim was to clarify key questions:

• How could a digital euro be implemented technically?
• Who would be responsible for which parts of the infrastructure?
• What risks would there be for the banking sector, payment transactions and financial stability?

This phase was not just a theoretical exercise - on the contrary. In close cooperation with European banks, payment service providers, consumer protection organizations, central banks and technology companies, concrete scenarios were played out. Initial technical architectural designs and variants of possible business models were developed.

A key objective was to find a functional balance: between innovation and stability, between technological efficiency and privacy, between state control and individual freedom. Even back then, it was clear that the digital euro was not intended as a blockchain experiment, but as a state-controlled, widely accessible means of payment that would exist alongside cash.

At the end of October 2023, the ECB declared this phase complete - with the realization that a digital euro is technically feasible, but its success depends crucially on social and political acceptance.

2nd preparation phase (since November 2023): Determine design, integrate provider, set up test environment

The second phase officially began on November 1, 2023: the preparatory phase. It is scheduled to run for two years until October 2025. This phase will now focus on the concrete development of the implementation - in other words, how the digital euro could actually look, function and be integrated into the existing payment infrastructure. The focus is on three core objectives:

1. finalize technical design

• How exactly should transactions be processed - online and offline?
• What data storage is required and how is data protection guaranteed?
• How can the digital euro also work without an Internet connection (offline payments)?

2. clarify the role of intermediaries

The ECB does not want to issue the digital euro directly to end customers, but via existing banks and payment service providers. These are to serve as a "distribution network" - similar to cash today. The exact role of these intermediaries, their remuneration and their responsibilities are now being defined in detail.

3. tendering & partnerships

The ECB has already awarded several technological pilot projects and contracts. Companies such as Giesecke+Devrient, Capgemini, Worldline and Amazon have been commissioned to develop prototypes for mobile apps, offline payment systems and backend infrastructure, among other things.

Particular attention is being paid to offline functionality: the digital euro - like cash - should also work when there is no network available. Initial technical solutions envisage that amounts of money can be stored locally on a chip or smartphone and exchanged between two devices - without the need for central servers.

This preparatory phase is a kind of dress rehearsal for the real introduction - albeit without a real digital euro. It serves to build trust, clarify technical risks and prepare a functional legal framework.

3. next step (October 2025): Political decision and possible rollout

The decisive turning point of the entire project is planned for October 2025. This is when the ECB will decide - based on the experience gained during the preparation phase - whether to move on to the next stage: the implementation phase. This next phase is often referred to as the "capacity building phase" - in other words, the actual development of all the operational and technical systems required for a market launch. This is where it gets serious:

• The digital euro could be introduced on a pilot basis, e.g. in selected countries or regions.
• The first real transactions with a limited scope could be permitted.
• And the necessary infrastructure would be set up across the board - from app access to banks and offline terminals.

However, for this to be possible at all, a legal basis is still needed at EU level. The European Commission has already submitted its legislative proposal, but it still has to go through the entire legislative process - including the European Parliament and the Council. The law will not come into force until 2026 at the earliest.

If this process runs smoothly, it is expected to be introduced between 2028 and 2029. A slow, gradual rollout is therefore expected - with many intermediate steps, adjustments and feedback rounds. The ECB is aware that it can only successfully implement this project with public trust. It will therefore - at least by its own admission - communicate each step transparently and regularly obtain feedback from society.

The digital euro is no longer a vague project for the future, but is in the middle of a structured development phase. Many basic decisions have already been made - particularly with regard to its role as a supplementary means of payment alongside cash, its non-programming and the planned offline functionality. However, the decisive hurdles still lie ahead: legal legitimization, social acceptance and clever embedding in an existing, sensitively balanced monetary system.

Design, technology, limits - what the digital euro should be able to do (and what it definitely shouldn't)

The digital euro should not simply be a new digital means of payment, but a money with clear guidelines. The European Central Bank (ECB) emphasizes in almost all publications that it is guided by three basic principles when designing the digital euro: Monetary security, technological sovereignty and social trust.

These principles are reflected in specific design decisions - and also in the deliberately set limits. After all, the digital euro should explicitly not be able to do everything that is technically possible.

No "programmable money" by the ECB

One of the biggest points of contention - especially in high-profile discussions - is the question of whether the digital euro will be "programmable", i.e. whether it can only be used for certain purposes, could have an expiry date or can be restricted by the state. The ECB has taken an unequivocal stance on this on several occasions:

"The ECB will not issue programmable money. Users will be able to use their digital euro as freely as cash."

What she means by this is that the digital euro is not tied to any conditions on the part of the central bank. No earmarked expenditure, no expiration dates, no possibility of remote government control of individual transactions. This makes it fundamentally different from concepts such as those being tested in China as part of the e-CNY.

At the same time, a certain amount of room for interpretation remains open - because: What private payment service providers or third-party systems will do technically at application level in future is another matter. The ECB points out here that it "only provides the basic infrastructure" - everything else is the responsibility of the intermediaries. This is exactly where the gray areas begin later on.

Privacy: two-tier model for online and offline

Data protection is another key point. The ECB emphasizes that the digital euro can offer greater privacy - especially in comparison to today's card payments. A two-stage model is planned:

1. Offline paymentsThese should function in a "cash-like" way. Money is stored locally on a device (e.g. smartphone, chip card), payments are not recorded centrally. Only the payer and recipient see the transaction. A strong statement - if it is implemented properly from a technical perspective.
2. Online paymentsStandardized procedures for the prevention of money laundering (KYC/AML) apply here. The ECB itself should not have any direct insight into payment details, nor should it collect any personal usage data. Transaction data should be stored pseudonymized - comparable to SEPA systems.

But here, too, a question mark remains: Because the implementation is carried out by banks and payment service providers. Their interest in usage data is well known. And the state could also demand deeper insight via future changes to the law - legal barriers today are no guarantee for tomorrow.

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Current survey on the introduction of the digital euro

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Technical infrastructure: offline capability and intermediary model

A unique selling point of the digital euro is its offline usability - an area in which many other digital payment systems fail. The aim is to enable users to pay even without an internet connection - for example in rural areas, abroad or in the event of technical faults.

Technically, this is done by storing credit locally on a device (chip card, smartphone). The devices keep a record of transactions, which are later synchronized with the infrastructure the next time they are connected.
The ECB has already awarded contracts to industrial partners to implement these systems. Giesecke+Devrient, a German company that is still responsible for the production of banknotes, is particularly active - an indication that reliability is valued above hype.

All transactions - whether offline or online - should not take place directly via the ECB, but via intermediaries (banks, payment service providers). This means that the central bank creates the foundation, but the market takes over the application.

Limits & upper holding limits

To prevent bank customers from shifting all their deposits into digital euros - which could lead to liquidity problems at commercial banks - the ECB is planning a holding limit per person. This could (as of today) be between 3,000 and 5,000 euros - the exact amount has not yet been finalized. Above this limit, an automatic "waterfall system" is to take effect, transferring excess amounts back to a normal bank account. Even if this measure is understandable for reasons of stability, it raises fundamental questions:

• Is the digital euro really "money like cash" if I am only allowed to hold it to a limited extent?
• And who can guarantee that this limit will not be gradually lowered or made subject to conditions?

The "digital euro" is coming: But what good will it do us? - Handelsblatt Today

Practice and points of contention - what this means for citizens, retailers and banks

The digital euro is more than just a technical innovation - it is fundamentally changing the way citizens, retailers and financial institutions interact. Even if many questions are still unanswered, practical effects and potential lines of conflict are already emerging.

For citizens: more choice - or more dependency?

From the point of view of many citizens, the digital euro is initially a convenient addition. It allows easy payment without card fees, also works offline and - according to the ECB - should offer a high level of data protection. In addition, you don't need a traditional bank account - which could strengthen financial inclusion, for example for children, older people or people without access to banking services.

At the same time, however, there is a risk that cash will be further displaced - whether insidiously or overtly. If retailers, authorities or service providers only accept digital payments at some point (and this is no longer prevented by law), the digital euro could change from an additional service to a compulsory system. The question also remains: who controls the digital wallet?

• For offline creditDoes the user really have full control?
• For online paymentsIs privacy permanently preserved?

Citizens will have to decide which system they trust in the long term - and how much control they are prepared to give up in exchange for convenience.

For retailers: hope for falling fees

Retailers see the digital euro primarily as a cost issue. Card payments currently incur high fees in some cases, especially for small amounts. A state-subsidized, fee-free system could bring real relief here - and bring more competition into play.

At the same time, there is also work involved: new infrastructure has to be purchased, employees have to be trained and processes have to be adapted. And integration into existing POS systems depends on how open the standards really are - or whether proprietary solutions dominate again.

For banks: fear of losing deposits - and the question of the business model

So far, the loudest criticism has come from the banking world. Commercial banks fear that citizens will "re-park" some of their deposits in digital euros in future, which could result in liquidity bottlenecks. Although upper holding limits are intended to mitigate this, it remains to be seen whether they will be sufficient. Furthermore, the question for banks is: what is actually left for us? If payment transactions, money management and trust are once again in the hands of the central bank, do we still need traditional bank accounts at all?

In addition, the banks are to help build the infrastructure for the digital euro, but without any guarantee of income. The ECB sees them as intermediaries, but without a binding remuneration model. Many institutions see this as a role without a return.

The digital euro is technically well thought out and equipped with many protective mechanisms - at least on paper. However, as is so often the case, the truth lies in everyday life: in implementation, in legislation, in acceptance by citizens - and in the details that are difficult to reverse once they have been introduced. The decisive factor will be whether the announced voluntary nature and privacy can stand up to political and economic interests in the long term.

Criticism, dangers and a look at China

There are a number of fundamental objections in the debate about the digital euro that should not simply be dismissed, but must be taken seriously and answered clearly.

1. risk of restriction of freedom through digital control

One of the main arguments put forward by critics is that as soon as money is digital and centrally managed, states or central banks gain an instrument that was previously not available with cash - namely full traceability, restrictions on use or even remote access to funds. In fact warn expertsthat an incorrectly designed digital euro could create "the transparent person". Examples of the feared control:

• Expiration date for digital credit or earmarking ("This money may only be used for ...") - technically possible, if desired. Criticism: This contradicts the understanding of freedom of money as a generally usable medium of exchange.
• Access by authoritiesWhen digital funds are in the system, the temptation to quickly freeze or redirect them in the event of a crisis is greater. Critics see this as a weakening of financial self-determination.
• Reduced anonymityEven if the European Central Bank (ECB) emphasizes that it does not want direct access to user data, the basic question remains: Is "privacy" in the digital space identical to cash privacy? Some studies say no.

2. programmability and social control potential

Another frequently mentioned risk is that digital currencies could be equipped with programmable features - keywords: smart contracts, automatic expiry times, earmarking of funds. Critics warnIf this is implemented, governments or central banks could put individuals or groups with "bad" scores at a disadvantage or only release money for "good" behavior.

Even if the ECB has so far repeatedly assured that it has not earmarked the system for a specific purpose or set an expiration date, this remains the case: The architecture could theoretically be changed; once introduced, subsequent access is difficult to reverse.

3. financial stability, banks and systemic risks

A third point of criticism relates less to civil rights and more to the system: if every citizen can directly hold digital central bank money, this will lead to a possible migration from deposits at commercial banks to central bank balances - especially in times of crisis. This could jeopardize the banks' business model put considerable pressure onreduce the credit volume and thus burden the economy.

Furthermore, the introduction of a digital infrastructure brings with it new attack, failure and cyber risks - if the system is not resilient, citizens could be seriously cut off from the use of money.

4. acceptance problem and benefit issue

An often overlooked point: many people simply ask themselveswhat advantage a digital euro would have in everyday life. Currently, cash plus card plus smartphone works well in many countries - which is why the benefits are not automatically convincing. If there is no added value, the project remains vulnerable to public rejection.

Comparison with China: e-CNY, social credit narrative and lessons for Europe

Now we turn our attention to the East - to China's digital central bank money and the associated systems - not to equate Europe, but to better understand the potential risks.

1. china: architecture and practice

With its digital renminbi (e-CNY) is one of the world's most advanced pilots of digital central bank currencies. Features such as programmability, offline capability and integration with already highly digitized everyday apps are pronounced. At the same time, China has a social credit system that evaluates the behavior of citizens and companies and links sanctions or privileges to it - be it in travel, online purchasing behavior or access to financing.

2. transferability to Europe: differences and warning signals

In its project documents, Europe clearly emphasizes that the digital euro should not be programmable, should supplement the use of cash, not replace it, and should guarantee privacy. Nevertheless, the Chinese experience shows typical risk profiles:

• Technological powerWhoever controls the payment infrastructure controls data - this increases political and economic power.
• Linking with social systemsIn China, the social credit system is partly linked to payment or digital identity solutions. In Europe, the digital identity project is growing in parallel - which some see as paving the way for extended control in payment transactions.
• Rapid development vs. democratic controlWhile China operates at high speed, Europe operates in a slow, democratically controlled process. This offers opportunities, but also risks: once the technology is established, it will be more difficult to change it later.

3 Lessons for Europe - and unanswered questions

The Chinese experience shows that a digital payment area can quickly be embedded in a system that goes far beyond pure payment transactions. For Europe, this means

It is crucial to clearly exclude all future functions of the digital euro in the legislative process or only enable them with controlled procedures - e.g. programming only on the user side, not the central bank side.

The protection of offline payments, data minimization and freedom of choice remain central - because otherwise the system could quickly take on the image of a "payment monitoring tool". Transparency and democratic legitimacy must grow with it - as long as the project is still in its infancy, there is the opportunity to exert influence.

The introduction of the digital euro undoubtedly brings opportunities - better payment infrastructure, financial access, technological sovereignty. But the critical voices clearly point out: Freedom, privacy, banking system stability and democratic control are not guaranteed. A look at China serves as a warning light and shows how quickly digital means of payment can become part of a larger control system - if we do not remain vigilant.

What remains of the digital euro?

From what we know so far, the digital euro is a project with two faces. On the one hand, there is the genuine ambition to create a state-safe, cash-based means of payment in the digital space. The idea is that in a world in which cash is losing importance and digital payments are increasingly dominated by international corporations, there should still be an instrument that belongs to the public rather than the market. From this perspective, the digital euro is a modern promise of freedom.

But on the other hand - and this is just as real - the same mechanism creates a tool that can be misused. Even if the European Central Bank and the EU Commission repeatedly emphasize that the digital euro should not be programmable, not monitorable, not mandatory: The technical basis would make it possible. The crucial question is therefore not just what is planned - but what could be possible at some point.

It is precisely because we know from other countries - especially China - how quickly digital payment systems can be linked to social, political or identity-related control instruments that vigilance is required. Even if good intentions prevail: History shows that political frameworks can change quickly - and with them the way we deal with technologies that are already embedded in everyday life.

What does this mean for citizens and companies?

For citizens, the digital euro initially means an additional choice - but in the long term it also means an obligation to pay attention. Anyone who still thinks that this does not affect them because they can continue to pay in cash fails to realize that the acceptance of cash is not being eroded by law, but by market behaviour. If retailers and platforms "only offer digital" in the future, the system will become a reality, whether you like it or not.

For companies, the digital euro offers opportunities - for example in the form of lower transaction costs, new infrastructure and independence from card constraints. But here too, anyone who blindly relies on state digital systems is handing over a piece of economic responsibility. The digital euro will not only be a "convenient payment method", but also a politically regulated instrument. You have to be able to deal with it - not just technically, but also in terms of its scope.

If you want to be free, you have to stay alert

The digital euro is not a purely financial innovation, but a social project. It will change our relationship to money, freedom, control and trust - regardless of whether we use it or not. This is precisely why the issue must not be delegated - neither to experts, nor to politicians, nor to technocrats. It is too important.

It is up to each individual to keep their eyes open, question developments and recognize the value of true freedom - even on a small scale. Because once we realize what we have lost, it is often too late to get it back.

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Frequently asked questions about the digital euro

1. What exactly is the digital euro - and how does it differ from the euro in your bank account today?
   The digital euro would be a new form of central bank money - similar to cash, but in digital form. In contrast to money in a bank account, which is ultimately a claim against a commercial bank, the digital euro would be a direct claim against the European Central Bank (ECB). This means: absolutely secure, not at risk of insolvency, guaranteed by the state. The aim is to keep the euro available as public money in a digital world - in addition to cash.
2. Will the digital euro replace cash?
   Officially: No. The ECB and the EU Commission emphasize that the digital euro is intended to supplement cash, not replace it. It is intended to be used where it is no longer possible to pay with cash - e.g. in online retail. Nevertheless, there are concerns that the digital euro could replace cash in the long term if retailers, authorities or companies only accept digital means of payment. A legal obligation to accept cash is currently not firmly established throughout the EU.
3. What are the main reasons why the ECB wants to introduce a digital euro?
   There are several reasons:
   - Technological sovereignty vis-à-vis US-based payment service providers (e.g. Visa, Mastercard, PayPal).
   - Reaction to cryptocurrencies and stablecoins that have built trust in alternative forms of payment.
   - Ensuring that public, state-backed money remains available in the digital space.
   - Promoting financial inclusion - for people without a bank account, for example.
4. Has the digital euro already been introduced?
   No. The digital euro is currently (as of the end of 2025) in the preparatory phase, which has been running since November 2023. A final decision on the introduction is expected in October 2025 at the earliest. The actual issue to citizens could not take place before 2028/2029 - provided that a corresponding EU law is passed before then.
5. How does the digital euro work technically - even without the Internet?
   The digital euro can be used in two ways:
   - Online: via an app or interface with an internet connection.
   - Offline: via locally stored credit on a chip or smartphone that can be transferred between two devices. This function is currently being developed by partner companies (e.g. Giesecke+Devrient). The aim is for the digital euro to work without a network - just like cash.
6. Will the digital euro be "programmable" - can it be linked to conditions?
   According to the ECB: No. The digital euro should not be programmable - at least not by the central bank. Users should be able to use the money just as freely as cash. However, there are technical possibilities with which third-party systems (e.g. merchant apps, platforms) could incorporate certain rules - such as discounts or limited use. Critics nevertheless see this as a gateway for later restrictions.
7. What about privacy in the digital euro?
   The ECB is planning a two-stage system:
   - Offline payments should be "cash-like" - i.e. without central storage of transaction data.
   - Online payments require KYC/AML checks by law, but are processed pseudonymously. The ECB emphasizes that it does not want to store or pass on any personal data. Nevertheless, there is criticism: even pseudonymized data could be linked to identities in the long term.
8. How much digital euro can you own? Is there a limit?
   Yes, in order not to destabilize the banking system, so-called holding limits are to be introduced - probably between 3,000 and 5,000 euros per person. Amounts above this would be automatically transferred back to the regular bank account ("waterfall model"). This is intended to prevent too many bank deposits from "moving" to the central bank.
9. What does the digital euro mean for commercial banks?
   Commercial banks fear a shift of deposits to the central bank. In times of crisis, customers could flee to the safe digital euro - and deprive the bank of liquidity. The question also arises as to what role banks still play if payment transactions are made directly via state systems. The ECB wants to involve banks as intermediaries - but many institutions see their business model at risk.
10. What do companies and retailers gain from the digital euro?
    For merchants, the digital euro could enable more cost-effective payment processing, especially compared to today's card systems with their sometimes high fees. Fast, secure payment - both online and offline - is also an advantage. However, retailers will have to introduce new technology, adapt checkout systems and adjust to new processes. Integration could involve a lot of effort - and create new dependencies.
11. What is the difference between the digital euro and Bitcoin or stablecoins?
    Bitcoin is decentralized, volatile and based on an open network without a central authority. The digital euro, on the other hand, would be centrally controlled, price-stable (pegged 1:1 to the euro) and government-backed. Stablecoins such as USDC or Tether are often pegged to the dollar, but are subject to the insolvency risk of the providers. The digital euro is intended to offer a secure, state alternative - not for speculation, but for everyday use.
12. Are there parallels with the Chinese e-CNY and the social credit system there?
    Yes and no. China's digital yuan (e-CNY) is programmable in many aspects and technically connected to government platforms. The Chinese social credit system is also digitally interwoven with payment methods, travel profiles, creditworthiness, etc. In Europe, it is emphasized that the digital euro should not be programmable, linkable or monitorable - however, critics see technical similarities and warn of subsequent political "readjustments".
13. Will it be mandatory to use the digital euro?
    No obligation is currently planned. Use should be voluntary - and the digital euro a supplement to cash, not a replacement for it. However, if retailers, online platforms or authorities only accept digital payments at some point, this could in fact result in an obligation - not by law, but in practice.
14. What do critics say about the digital euro?
    Critics see a risk to the freedom of the individual: through technical control options, potential restrictions, a lack of anonymity and the creeping displacement of cash. The introduction of a digital identity (eID), which could be linked to payment data in the future, is also seen as a risk. Some fear a silent transition to a centralized monitoring system - even if this is currently denied.
15. What can citizens and entrepreneurs do to stay informed?
    It is important not to lose sight of the issue. Developments are gradual - but as soon as the systems are established, there is much less room for maneuver.
    citizens can:
    - actively inform yourself,
    - opinions in the legislative process,
    - consciously select or reject digital means of payment,
    - and continue to use cash to ensure its relevance.
    Companies should:
    - follow the technical development,
    - pay attention to open standards,
    - Do not make your own infrastructure dependent on third parties too early.
16. Will the digital euro arrive - and if so, when?
    As things stand, it is very likely that the digital euro will come - in one form or another. Political and institutional preparations are well advanced. If the planned EU law is passed in 2026, the ECB could start issuing it from 2028/2029. How it will be structured in concrete terms - and whether it will be voluntary, open and fair - also depends on how vigilant the public is today.