00:00European Parliament's Economic and Monetary Affairs Committee approved the long-awaited digital euro on Tuesday
00:05as the bloc seeks to drastically reduce its structural reliance on United States-controlled payment networks.
00:13Data from the European Central Bank reveals that American giants Visa and MasterCard currently process 61% of card payments
00:20in the euro area,
00:21controlling nearly all cross-border transactions.
00:24Amid rising geopolitical tensions, the proposed digital token will function as central bank money backed by the Frankfurt Institution,
00:32designed to complement physical cash rather than replace it.
00:36Consumers will hold the currency in a dedicated wallet that supports both online and offline options,
00:41and features advanced privacy protocols that prevent the central bank from tracking individual identities.
00:48While European lawmakers aim to reach a final agreement with member states before the end of the year,
00:54global competitors are taking significantly different approaches to financial tech.
00:59China has introduced a digital yuan and Russia is preparing a digital ruble for September,
01:04whereas Washington has abandoned a central bank token to back privately-issued dollar-linked setable coins.
01:11We're going to be now the leader by a lot more.
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