The European Central Bank’s plan to launch a digital euro by 2029 has run into strong opposition from EU lawmakers and Europe’s banking industry.
Ahead of a key European parliamentary hearing on the project on Wednesday, 14 lenders including Deutsche Bank, BNP Paribas and ING warned that the digital euro could undermine private sector payment systems.
The 14 banks have teamed up to create a private sector rival to US payments companies such as Mastercard, Visa and PayPal. The service, Wero, was launched last year.
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