European Union finance ministers are seeking to reach a common position on how to establish a digital euro currency. This initiative aims for a digital euro that could become an alternative to the currently dominant U.S.-based Visa and Mastercard systems.
The development of a digital euro represents a significant long-term competitive threat to private payment networks. A government-backed digital currency could potentially reduce the reliance on existing card schemes for transactions within the EU.
This move by EU ministers underscores a strategic effort to enhance financial sovereignty and competition in the payments landscape. If successfully implemented, a digital euro could impact Mastercard's transaction volumes and market share in one of its key operating regions.
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