Министры финансов ЕС пришли к компромиссу по цифровому евро с акцентом на независимость от крупных платежных систем Translation: Headline: EU Finance Ministers Reach Compromise on Digital Euro with Emphasis on Independence from Major Payment Systems

Finance ministers from EU countries have reached an agreement on key elements of the digital euro. This initiative is framed as a strategic alternative to payment systems like Visa and Mastercard, according to Reuters.

The agency reports that finance ministers will gain voting rights regarding the issuance of CBDC and will have the authority to set limits on fund storage in accounts. This measure aims to mitigate the risks of mass capital withdrawal from commercial banks.

“The digital euro is not merely a payment method; it is a political statement about the EU’s sovereignty and its capability to handle transactions using European infrastructure,” stated Kristin Lagarde, the president of the ECB.

Despite advancements, the introduction of CBDC could require several years. A legislative framework is expected to be finalized by June 2026, after which the ECB may need up to three additional years for technical implementation.

The project faces significant opposition from influential figures. European Parliament member Fernando Navarrete Rojas described the digital euro as “a solution to a problem nobody asked for.”

He emphasized the need for a thorough assessment of potential risks, including the destabilization of the financial system, data privacy concerns, and increased expenses in combating fraud and money laundering.

While the future of the digital euro is under discussion, the implementation of MiCA is already encountering challenges, as noted in a podcast by Cointelegraph. The core idea of the regulation involves a “passporting” system where a license obtained in one EU country is valid across all 27.

However, regulators in France, Italy, and Austria are concerned about regulatory arbitrage. Companies might choose to register in countries with more lenient oversight, undermining the concept of a unified market.

“We’ve already seen how retail trading platforms flocked to Cyprus and Malta under the MiFID. Expectations were different for MiCA, but we’re seeing once again that firms are opting for more ‘accommodating’ jurisdictions,” explained Jerome Castille, head of compliance at CoinShares.

In his view, the issue lies not in a lack of regulations but in their inconsistent application. Without clear guidelines, national regulators act at their discretion.

Marina Markezich, executive director of the European Crypto Initiative, pointed out that high compliance costs within tight deadlines could drive startups out of the market.

“For the largest players, unified access to the entire EU market is undoubtedly a positive development. However, for smaller companies, this poses a significant burden, and they may not survive the process,” she stated.

The success of MiCA will depend on the EU’s ability to ensure consistent rule application across all member states. According to Markezich, this represents a true test for Europe, as the same law is governed by 27 different national authorities with varying levels of experience and resources.

In August, sources from the Financial Times reported that the ECB is considering launching the digital euro on Ethereum and Solana networks.