Miranda Sarmento Claims Digital Euro Will Strengthen Currency Against the Dollar

Finance Minister Joaquim Miranda Sarmento stated that the future digital euro, currently under discussion in the European Union, will enable the currency to assert itself internationally against the dollar. He emphasized that Portugal will participate in the construction of the digital euro, which is considered an important tool for establishing the euro as a global currency and a competitor for value storage. During a meeting with EU counterparts in Brussels, Sarmento mentioned advancements in the architecture and governance of the digital euro, following parliamentary approval to begin negotiations between the Parliament and the EU Council. On Thursday, the European Parliament approved, with 416 votes in favor, 169 against, and 22 abstentions, the start of negotiations on the creation of the digital euro, an electronic form of money issued by the European Central Bank. The digital euro aims to ensure secure payments and reduce dependence on external suppliers. The confirmation of this approval is an important step, as the Economic and Monetary Affairs Committee had already approved the regulation governing the digital euro, which is seen as an alternative to Visa and Mastercard. Negotiations between European institutions are expected to begin soon, with the participation of the Irish presidency of the Council. Additionally, a process related to the legal tender status of euro banknotes and coins was not contested, allowing negotiations on this text to also progress without a vote. The digital euro will function as a complement to physical cash and electronic payment methods, and can be used both online and offline.