"Money is a public good. Full stop."
That’s how Christine Lagarde defended the digital euro this week, as a pillar of European monetary sovereignty.
According to the ECB, the digital euro will:
- Reduce dependence on non-European payment rails
- Anchor public trust in a cashless world
- Act as a digital counterpart to central bank-issued banknotes
A clear stance: Europe must control its monetary infrastructure and a digital euro is the way forward.
But here’s something to reflect on.
Not everything that glows with the word “digital” is decentralized.
Not every “public good” is built with public control.
As the digital euro moves ahead, we ask a simple question:
Who holds the keys?
And will the public’s role be one of ownership, or permission?
At OffChain Luxembourg, we’ve said it before:
Decentralization it’s about shared power.
Regulation isn’t the enemy, but centralization might be.
You shouldn’t have to choose between freedom and clarity.
MiCA offers a path where crypto can be decentralized and regulated.
The digital euro? That’s still unclear.
So here’s our take:
It’s good to see Europe innovate.
It’s even better to think critically about where this is going.
Because if sovereignty is the goal, true sovereignty must be shared.
What’s your take?
Is the digital euro a step forward… or a missed opportunity?
