Misinformation spreads about ECB's upcoming digital euro

European Central Bank President Christine Lagarde recently spoke about a potential "digital euro," which led to a surge of misinformation online. Many people misunderstood her comments about a deadline for preparations, thinking the launch of the digital euro was imminent. Some politicians, like Austrian MEP Harald Vilimsky, spread incorrect claims about the October 2025 date for the launch, triggering alarm on social media. Others echoed fears that a digital euro would eliminate cash or lead to financial surveillance, claiming it could allow the ECB to control payments. These misconceptions reflect a growing distrust in centralized institutions, according to Vicky Van Eyck of Positive Money Europe. Misleading posts have circulated, even misrepresenting comments from leaders like French President Emmanuel Macron about financial investments. Central banks globally, including the ECB, are exploring digital currencies as the use of cash declines. Despite conspiracy theories suggesting digital currencies will create cashless societies, ECB officials emphasize that the digital euro is meant to complement cash, not replace it. The digital euro would be risk-free and held in digital wallets, allowing anonymous payments. The ECB believes it could strengthen Europe's economic independence by reducing reliance on US payment systems. Critics, however, like Ignazio Angeloni, argue that Europeans already have many payment options and may not want another. A recent ECB report found that awareness of the digital euro has increased, but interest in using it remains below 50%. The decision to implement a digital euro depends on European Union legislation, which has been slow. If approved, it could be available by mid-2027 to 2028. Effective communication with the public will be crucial for its acceptance, as lacking public support could lead to failure of the initiative.