The European Parliament has voted by a large majority to advance to the next legislative phase for the digital euro, a digital currency being developed by the European Central Bank (ECB). The move is intended to reduce Europe's dependence on American payment giants such as Mastercard, Visa, Apple, and Google, and to offer an alternative to cryptocurrencies; unlike those systems, the digital euro would allow direct peer-to-peer payments and function even during major outages to electricity or internet infrastructure. Negotiations with EU member states — covering issues such as privacy safeguards, distribution, and merchant acceptance — are expected to last until the end of the year, with a possible launch of the currency by 2029.