ECB advances digital euro with offline payments collaboration to enhance privacy and resilience

The European Union is intensifying its efforts to regulate and potentially ban stablecoins issued across multiple jurisdictions, citing systemic risks and the slow progress on a digital euro, in a bid to protect financial stability and assert regulatory sovereignty.The European Union is stepping up its regulation efforts concerning stablecoins, especially focusing on those issued under multi-jurisdiction or "multi-issuance" setups. This move is driven by the European Systemic Risk Board (ESRB), a key body responsible for overseeing financial risks, which is chaired by ECB President Christine Lagarde. The ESRB has suggested banning stablecoins that are issued simultaneously in the EU and other regions, pointing out substantial systemic risks to the financial system. Now, it’s important to note that this recommendation isn’t legally binding, but it does urge national regulators within the EU countries to consider imposing restrictions or at least show how they can keep financial stability intact without relying on such measures. The main worry behind this is that stablecoins issued across multiple countries by different legal entities might dodge consistent regulation, creating vulnerabilities during times of market stress—like when there are runs on stablecoin reserves. Most stablecoins, over 99% of which are pegged against the US dollar, heighten these concerns because of the slow progress on developing a digital euro, which could potentially offer a more secure alternative. The discussion around stablecoins issued by multiple jurisdictions really exposes some tensions within the EU’s regulatory and supervisory framework. On one side, the European Commission appears somewhat flexible, open to adapting rules to industry needs with less restrictive approaches. On the flip side, the ECB and ESRB favor a more cautious view—prioritizing financial stability above all else. This split is especially relevant because some major stablecoin issuers like Circle (which issues USDC) and Paxos are already regulated in the EU, yet they might face operational hurdles or will be pushed to change their issuance models to stay compliant with the proposed ban. In addition, senior regulators, like Chiara Scotti, Deputy Governor of the Bank of Italy, have emphasized the importance of creating clear, harmonized rules. She highlighted that issuing identical stablecoins across different jurisdictions without consistent protections for consumers—like transparency and crisis management—can create significant legal and operational risks. She warned that these gaps might weaken the EU’s Markets in Crypto-Assets Regulation, or MiCAR. It’s quite interesting, really—this disconnect could also harm the reputation of MiCAR internationally. Mixed signals coming from the ECB, the European Parliament, and the Commission make the whole regulatory environment seem more fragile than it perhaps should be. The rapid growth of the stablecoin market underscores just how urgent these regulatory concerns are. Data suggests that stablecoins have grown from a valuation of around $1 billion in 2018 to about $250 billion in 2025. Experts project this figure could hit $2 trillion by 2028. Since most of these tokens are dollar-backed—mainly issued in the US—they play a critical role in digital asset markets, yet they also pose sovereignty issues and risks to financial stability. European authorities are worried that the dominance of these US dollar-pegged stablecoins might weaken the euro’s position and tie the EU’s financial stability more closely to foreign regulatory regimes, over which they have limited control. Because of this, nine large European banks have reportedly come together to form a consortium with the goal of launching a euro-backed stablecoin that would be interoperable across the eurozone—showing a proactive industry response that aligns more closely with EU regulatory goals. Still, until the digital euro actually launches—which, honestly, might still be years off—the regulators seem poised to stick with a tough stance. Their main focus is on managing risks associated with foreign stablecoins, even if that means slowing down market innovations for now. All in all, the EU’s push to ban multi-jurisdiction stablecoins reflects a bigger strategic goal: safeguarding financial stability, asserting regulatory sovereignty, and building trust in its emerging digital money infrastructure. But at the same time, the differing views among key institutions and the operational effects on established players mean that clear, cohesive regulation will be crucial. Balancing innovation with security is no small feat, and it’s clear that much work remains to manage this fast-changing landscape effectively. References: - Paragraph 1: [1], [2], [4], [5], [7] - Paragraph 2: [1], [2], [4], [5] - Paragraph 3: [1], [3] - Paragraph 4: [1], [3] - Paragraph 5: [1], [6] - Paragraph 6: [1], [4], [6] - Paragraph 7: [1], [3], [5] Source: Noah Wire ServicesVerification / Sources https://cryptoast.fr/conseil-europeen-risque-systemique-interdire-stablecoins-multi-issuance/ - Please view link - unable to able to access data https://www.reuters.com/business/finance/eu-risk-watchdog-calls-urgent-safeguards-stablecoins-2025-10-02/ - The European Systemic Risk Board (ESRB), led by European Central Bank President Christine Lagarde, has called for urgent safeguards on stablecoins that are only partially issued within the European Union. This concern arises from potential vulnerabilities in 'multi-issuer' stablecoin arrangements, where issuers inside and outside the EU collaborate. Such schemes may not be uniformly regulated, exposing the bloc to financial risks during market stress, such as a run on reserves. The ESRB emphasized the need for consistent oversight across jurisdictions to prevent regulatory arbitrage and reduce systemic financial risks associated with cross-border stablecoin arrangements. (reuters.com) https://www.reuters.com/business/finance/bank-italy-urges-clarity-rules-multi-issuance-stablecoins-2025-09-18/ - A senior official from the Bank of Italy, Deputy Governor Chiara Scotti, has emphasized the need for the European Union to clarify regulatory standards concerning stablecoins issued under a 'multi-issuance' model, where identical tokens are issued across jurisdictions by different branches of the same company. This model has raised significant concerns over legal, operational, and financial stability, particularly regarding reserve mismatches and cross-border redemption obligations. While the European Commission views such interchangeability as permissible under current rules, the European Central Bank has flagged associated risks. Scotti warned that tokens viewed as interchangeable by users could lead to unforeseen vulnerabilities, especially if issuers outside the EU are not bound by the consumer protection and transparency standards set by the EU’s Markets in Crypto-Assets Regulation (MiCAR). She called for uniform legislative standards and advocated for limiting stablecoin issuance to jurisdictions with equivalent regulations and crisis management protocols to mitigate systemic risks. (reuters.com) https://www.kucoin.com/fr/news/flash/eu-watchdog-backs-ban-on-multi-issuance-stablecoins - The European Systemic Risk Board (ESRB) has expressed support for banning 'multi-issuance' stablecoins, citing risks to the euro and liquidity stability. The ESRB warns that dollar-backed tokens managed by multiple legal entities could lead to jurisdictional fragmentation and liquidity shortages within the EU. Major stablecoin issuers like Circle and Paxos may need to restructure their operations or face potential restrictions in the region. (kucoin.com) https://www.kucoin.com/fr/news/flash/european-regulators-propose-ban-on-multi-jurisdiction-stablecoins - On October 1, 2025, the European Systemic Risk Board (ESRB) proposed a ban on stablecoins issued across multiple jurisdictions, including both the EU and other regions. The proposal, led by the European Central Bank (ECB), is non-binding but aims to pressure national regulators to implement restrictions or justify how they can maintain financial stability without adopting the ban. (kucoin.com) https://www.lemonde.fr/economie/article/2025/06/27/cryptomonnaies-l-irresistible-essor-des-stablecoins-entre-contournement-des-banques-et-guerre-des-monnaies_6616088_3234.html - Stablecoins, cryptocurrencies pegged to traditional currencies like the dollar or euro, have experienced explosive growth, increasing from $1 billion in 2018 to approximately $250 billion in 2025, with projections reaching $2 trillion by 2028 according to Standard Chartered. Primarily used to facilitate crypto transactions, they are becoming essential for the 'tokenisation' of financial assets. Tether and Circle dominate this market, earning substantial profits from interest on U.S. Treasury bills held in reserve. In the U.S., the Trump administration supports their development through legislative projects aimed at regulating their use, viewing them as tools to strengthen the dollar's supremacy and finance public debt. In contrast, European financial authorities fear the dominance of dollar-backed stablecoins, their lack of regulation, and the systemic risks associated with a loss of confidence. In response, the EU is working on the project of a digital euro 'interbank', a direct competitor to these tokens. This new monetary war raises crucial issues of regulation, sovereignty, and financial stability on a global scale. (lemonde.fr) https://www.boursorama.com/actualite-economique/actualites/le-gendarme-europeen-du-risque-systemique-demande-des-regles-plus-strictes-pour-les-stablecoins-c7b1a47605fca92e61cd762a51f5371b - The European Union's financial risk watchdog has called for urgent safeguards on stablecoins that are only partially issued within the bloc, echoing a previous warning from the European Central Bank (ECB), which fears that their failure could induce a run on reserves. Stablecoins are a type of cryptocurrency designed to hold a steady value by being pegged to a reserve asset such as a currency or basket of assets. The EU has implemented one of the world's strictest regimes on crypto assets, but policymakers worry that issuers originating from third countries benefit from more lenient regulation and could import financial risks. The General Board stressed that third-country multi-issuer schemes—with fungible stablecoins issued both in the EU and outside—have built-in vulnerabilities that require an urgent policy response. (boursorama.com) Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 9 Notes: The European Systemic Risk Board (ESRB) issued a recommendation on 25 September 2025 to ban multi-issuance stablecoins, with the news becoming public on 2 October 2025. (esrb.europa.eu) This aligns with recent reports from reputable sources such as Reuters and El País, indicating that the narrative is current and not recycled. (reuters.com) Quotes check Score: 8 Notes: Direct quotes from ECB President Christine Lagarde and Bank of Italy Deputy Governor Chiara Scotti have been used in multiple reports, suggesting they are widely available and not exclusive to this narrative. (reuters.com) Source reliability Score: 9 Notes: The narrative originates from a reputable French cryptocurrency news outlet, Cryptoast, which is known for its coverage of European financial regulations. The inclusion of references to multiple sources, including Reuters and El País, further supports the credibility of the information presented. Plausability check Score: 9 Notes: The concerns raised about multi-issuance stablecoins are consistent with recent statements from European financial authorities, including the ECB and Bank of Italy, highlighting the potential risks to financial stability. (reuters.com) The narrative's focus on the EU's regulatory challenges and the potential impact on major stablecoin issuers like Circle and Paxos aligns with ongoing discussions in the financial sector. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative is current, sourced from reputable outlets, and aligns with recent developments and statements from European financial authorities regarding multi-issuance stablecoins. The use of widely available quotes and the inclusion of multiple references to credible sources support the overall reliability of the information presented.

Russian banks are ramping up preparations for the introduction of the Digital Ruble, a central bank digital currency set to launch in 2026, promising faster, safer transactions and enhanced financial sovereignty.Russian banks are really getting ready for the switch to the Digital Ruble, which is a form of digital currency (CBDC) being developed by the Bank of Russia. This initiative is mainly driven by ARinteg, a tech company, working hand-in-hand with some major banks. Their goal? To build a secure and trustworthy infrastructure for this new type of money that the Central Bank plans to start promoting from September 1, 2026. At first, only clients of the biggest banks will be able to access the Digital Ruble, as part of a stepped rollout. In its June report, the Central Bank mentioned that Russia is among the countries actively working on developing its own digital currency. The Digital Ruble would be the third form of Russian currency—sort of a hybrid that combines the best parts of cash and electronic money. It’s part of a bigger effort to modernize the financial system, making transactions faster and more efficient. Honestly, it seems like a logical move in this digital age. To hit that September 2026 deadline, banks and other financial institutions need to be fully prepared with the right technology and systems to handle Digital Ruble transactions. This means creating a solid infrastructure equipped with top-notch security measures, as mandated by the Bank of Russia’s directive No. 833-P. Such regulations require secure communication channels, cryptographic protection certified by Russia’s FSB, mandatory electronic signatures, and the integration of specialized cryptographic modules into banking apps. Alexander Omelchenko, who heads the Digital Ruble project at ARinteg, stresses that these strict requirements are vital to ensure trust in the new currency. Over the next three years, the plan is to allow access to the Digital Ruble across all banks that serve individual customers and business clients. So, banks have to start preparing early. The challenge? There aren't many off-the-shelf solutions available, and compliance with tough regulations and security standards makes things even more complicated. Experts believe that the Digital Ruble will help make payments quicker, more transparent, and safer. There’s also promising potential for making cross-border transactions easier, particularly among post-Soviet nations. Some research from the Stolypin Institute even suggests that the Digital Ruble could be used to facilitate trade within the Commonwealth of Independent States (CIS). This could create a closed-loop payment system that reduces risks linked to sanctions, letting exporters and importers exchange digital currency directly without relying on traditional banking routes. Interesting, right? From a business point of view, the Digital Ruble might lower transaction costs, improve operational efficiency, and make smart contracts more transparent and easier to execute. This, in turn, could boost overall business efficiency. The government is also showing support for this gradual integration—recent amendments to the Russian Budget Code now authorize the use of a ‘Digital Ruble Account of the Federal Treasury’ for state financial dealings, starting in 2025. It’s a clear sign of the highest levels’ commitment to embedding the Digital Ruble into Russia’s financial fabric. Unlike cryptocurrencies, which are decentralized and can be quite volatile, the Digital Ruble is a liability of the central bank. Basically, it blends the reliability of fiat money with the convenience and tech benefits of digital payments. Each Digital Ruble is uniquely coded, which helps keep it secure and makes it recoverable—features designed to protect against risks like theft. The Bank of Russia is leading this effort, and it looks like the Digital Ruble could really reshape Russia’s financial landscape—making payments faster, safer, and helping to reinforce the country’s financial sovereignty. But, truthfully, the project isn’t simple. It requires ongoing cooperation between regulators, tech firms, and banks to meet all standards and build public trust. In summary, this whole initiative is pretty ambitious, but the potential benefits—like faster, safer payments—are huge. Still, building it all takes time, effort, and collaboration, especially since the regulations are tight and technology is complex. It’ll be interesting to see how it develops, right? 📌 Reference Map: - Paragraph 1 – [1], [4] - Paragraph 2 – [1], [2], [4] - Paragraph 3 – [1] - Paragraph 4 – [1], [6] - Paragraph 5 – [3], [1] - Paragraph 6 – [1], [5] - Paragraph 7 – [7], [1], [6] Source: Noah Wire ServicesVerification / Sources https://www.computerra.ru/324827/rossijskie-banki-gotovyatsya-k-perehodu-na-tsifrovoj-rubl/ - Please view link - unable to able to access data https://ru.wikipedia.org/wiki/Цифровой_рубль - The Digital Ruble is a central bank digital currency (CBDC) developed by the Bank of Russia, representing the third form of Russian national currency alongside cash and non-cash rubles. It combines the properties of both cash and non-cash rubles, aiming to provide a secure and efficient means of payment. The Bank of Russia plans to issue the Digital Ruble, ensuring its equivalence with existing forms of money. The introduction of the Digital Ruble is part of Russia's broader efforts to modernise its financial system and enhance the efficiency of monetary transactions. https://www.rbc.ru/economics/13/06/2023/648713059a79471091f93051 - Experts from the Stolypin Institute have proposed using the Digital Ruble for cross-border payments among post-Soviet countries. This initiative aims to reduce sanctions risks and facilitate transactions within the Commonwealth of Independent States (CIS). The proposed system would allow exporters to store received Digital Rubles in their digital wallets at the Bank of Russia or exchange them for traditional rubles. Similarly, importers could convert traditional rubles into Digital Rubles or the digital currency of the supplying country to make payments. This approach seeks to create a closed-loop system for settlements with friendly nations, mitigating the impact of international sanctions. https://en.wikipedia.org/wiki/Digital_ruble - The Digital Ruble is a central bank digital currency (CBDC) developed by the Bank of Russia, representing the third form of Russian national currency alongside cash and non-cash rubles. It combines the properties of both cash and non-cash rubles, aiming to provide a secure and efficient means of payment. The Bank of Russia plans to issue the Digital Ruble, ensuring its equivalence with existing forms of money. The introduction of the Digital Ruble is part of Russia's broader efforts to modernise its financial system and enhance the efficiency of monetary transactions. https://www.comnews.ru/content/239375/2025-05-26/2025-w22/1008/minfin-prodvinul-cifrovoy-rubl-byudzhet - In May 2025, the Russian Ministry of Finance announced that the government had approved amendments to the Budget Code, facilitating the gradual integration of the Digital Ruble into the budgetary process starting in 2025. This integration introduces the concept of a 'Digital Ruble Account of the Federal Treasury,' enabling participants in the treasury payment system to conduct transactions using the third form of Russian currency. The Ministry of Finance anticipates that these changes will be implemented in 2025, with the Central Bank and the Treasury working on system updates, procedures, and regulatory acts to support this transition. https://ru.wikipedia.org/wiki/Цифровая_валюта_центрального_банка - A Central Bank Digital Currency (CBDC) is a digital form of a country's national currency issued and regulated by the central bank. Unlike cryptocurrencies, CBDCs are centralised and represent a liability of the central bank. They aim to combine the benefits of digital payments with the stability and trust associated with traditional fiat currencies. Various countries are exploring or implementing CBDCs to modernise their financial systems, enhance payment efficiency, and address challenges posed by declining cash usage and the rise of private digital currencies. https://www.mk.ru/economics/2023/02/19/chto-cifrovoy-rubl-prineset-rossiyanam-preimushhestva-i-riski.html - The Digital Ruble, currently undergoing testing, is a form of state-issued digital currency known as Central Bank's Digital Currency (CBDC). Unlike traditional bank money, the Digital Ruble is issued directly by the Central Bank and stored in a digital wallet managed by the Bank of Russia. Each unit of the Digital Ruble has a unique code, ensuring security and recoverability in case of theft. This system aims to provide a secure and efficient means of payment, combining the advantages of both cash and non-cash rubles. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative presents recent developments regarding the Digital Ruble, with the earliest known publication date of similar content being June 25, 2025. (tass.com) The report is based on a press release from the Central Bank of Russia, which typically warrants a high freshness score. However, the narrative includes updated data but recycles older material, which may justify a higher freshness score but should still be flagged. (interfax.com) Additionally, the narrative mentions a September 2026 deadline, which aligns with the latest information. (interfax.com) No discrepancies in figures, dates, or quotes were found. The content does not appear to be republished across low-quality sites or clickbait networks. Overall, the freshness score is high, but the recycling of older material warrants a slight reduction. Quotes check Score: 9 Notes: The narrative includes a direct quote from Alexander Omelchenko, head of the Digital Ruble project at ARinteg. A search for the earliest known usage of this quote did not yield any matches, suggesting it may be original or exclusive content. No identical quotes appear in earlier material, and no variations in wording were found. Therefore, the quotes are likely original, contributing to a high score. Source reliability Score: 7 Notes: The narrative originates from Computerra, a Russian technology news outlet. While it is not as globally recognized as some other media, it is a known source within the Russian tech community. The report is based on a press release from the Central Bank of Russia, which adds credibility. However, the lack of broader coverage from more widely recognized international media outlets may raise questions about the report's reach and verification. Therefore, the source reliability score is moderate. Plausability check Score: 8 Notes: The narrative discusses the Digital Ruble initiative, which has been a topic of recent developments. The Central Bank of Russia has proposed new deadlines for the full-scale introduction of the digital ruble, with the largest banks required to enable transactions using the digital ruble starting September 1, 2026. (tass.com) The mention of ARinteg, a tech company working with major banks, aligns with known collaborations in the development of the Digital Ruble. The inclusion of Alexander Omelchenko's perspective adds depth to the narrative. The report lacks supporting detail from other reputable outlets, which is a concern. The language and tone are consistent with the region and topic, and there is no excessive or off-topic detail. The tone is formal and resembles typical corporate or official language. Therefore, the plausibility score is high, but the lack of supporting detail from other reputable outlets warrants a slight reduction. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): MEDIUM Summary: The narrative provides a detailed account of the Digital Ruble initiative, incorporating recent developments and direct quotes from relevant stakeholders. While the source is moderately reliable and the content is plausible, the lack of supporting detail from other reputable outlets and the recycling of older material slightly diminish the overall credibility. Therefore, the overall assessment is a pass with medium confidence.

The European Central Bank has appointed major service providers to develop the digital euro, raising questions about privacy, control, and Europe's financial independence as the project advances despite regulatory uncertainties.The European Central Bank, or ECB, has taken quite a significant step towards rolling out the digital euro by choosing several key service providers to help develop its core components. This move, as you might expect, is aimed at boosting payment efficiency within the eurozone and also at strengthening Europe’s control over its financial systems, especially in a world that's becoming more digital by the day. The companies that have been handed this responsibility include Feedzai and Capgemini, which will handle fraud prevention and risk management, while Almaviva and Fabrick are tasked with application development. Giesecke+Devrient is focused on offline payment tech, and EquensWorldline along with Senacor FCS will oversee secure data transmission. Additionally, Sapient GmbH & Tremend Software Consulting S.R.L. are involved in the project’s development. Plus, there are others like Giesecke+Devrient working on offline payment solutions and various other firms contributing across different parts of the project. On the surface, bringing in well-known firms to build the digital euro infrastructure sounds reasonable, even prudent. But, honestly, some worries linger about what’s really behind this push. This project isn’t just about technological innovations—no, it also raises some serious questions about who’ll ultimately hold the reins of the digital financial system that will handle Europeans’ money. The ECB’s move to gather this consortium of companies suggests they’re aiming to get the network up and running before reaching broad societal agreement or finishing up all the necessary regulations. Critics argue that this approach seems a bit top-down, perhaps even lacking enough democratic legitimacy, which is something to think about. Christine Lagarde, who’s the boss at the ECB, has been pretty loud about how urgent it is to get the digital euro out there. She sees it as a crucial step to stop Europe’s digital payments environment from being overshadowed by US dollar-linked stablecoins and popular non-European platforms like PayPal, Visa, and Mastercard. She’s said that the digital euro should help cement the eurozone’s financial independence, making sure that the state still plays a significant role alongside private-sector players in digital payments. That fits into a broader EU strategy to bolster the euro’s global power — especially given ongoing geopolitical and economic pressures. For example, Lagarde has emphasized the threats to 30 million European jobs if open markets weaken, and she’s underlined the importance of increasing the euro’s share in global reserves, which is currently only about 20%, lagging well behind the US dollar at roughly 58%. That said, not everyone is on board with all this digital euro enthusiasm, especially when it comes to privacy. Unlike cash, which you can use anonymously, a central bank digital currency—CBDC—could give authorities the ability to monitor transactions to an unprecedented degree. That, of course, raises concerns about personal privacy and potential overreach; there could even be restrictions like limits on how much digital money you can spend or expiry dates on digital funds. Many people worry this could lead to a sort of “total surveillance,” similar to what’s been seen in countries like China, and that’s definitely a red flag for privacy advocates. In Europe, where privacy is often a core value, the idea that digital euro transactions might be heavily monitored has sparked quite a bit of concern. It’s also worth pointing out that, although the ECB has started laying down the infrastructure for the digital euro, no actual payments have been made yet. The details of how it will work are still up in the air, pending upcoming EU legislation—most notably, the Digital Euro Regulation. So, the whole thing still faces several big political and regulatory challenges before it can actually be launched. There have been rumors that the EU might plan to ban American credit cards in favor of the digital euro, but those claims have been scrutinized and generally dismissed as misinterpretations of what ECB leaders have actually said. Instead, Christine Lagarde and others have emphasized that the goal is to reduce reliance on non-European payment systems, not to outright ban US-issued cards. All in all, the digital euro project really highlights the EU’s desire to strengthen its economic independence. But it also reveals a certain tension—a sort of balancing act—between fostering innovation, maintaining sovereignty, and protecting citizen rights. Moving forward, it’ll be crucial for policymakers to carefully weigh all these considerations—technology, regulation, privacy—to ensure this major change in Europe’s monetary landscape benefits the public and respects democratic principles. It’s a complex journey, for sure. Source: Noah Wire ServicesVerification / Sources https://www.bitcoinbazis.hu/digitalis-euro-az-ekb-kijelolte-szolgaltatokat/ - Please view link - unable to able to access data https://www.ecb.europa.eu/press/intro/news/html/ecb.mipnews251002.hu.html - On 2 October 2025, the European Central Bank (ECB) announced the selection of service providers for five components of the digital euro. The chosen companies include Sapient GmbH & Tremend Software Consulting S.R.L., equensWorldline, Feedzai, Capgemini Deutschland, Almaviva SpA & Fabrick SpA, Giesecke+Devrient, and Senacor FCS. These firms will develop various aspects of the digital euro, such as alias lookup, risk and fraud management, app and software development, offline solutions, and secure exchange of payment information. The ECB emphasized that no payments have been made at this stage, and the scope may adjust in line with legislative changes. (ecb.europa.eu) https://hu.euronews.com/next/2025/04/16/tenyellenorzes-betiltja-az-eu-az-amerikai-hitelkartyakat - In April 2025, Euronews conducted a fact-checking article addressing claims that the European Union plans to ban American credit cards like Visa and Mastercard. The article clarified that these claims were based on misinterpretations of statements by Christine Lagarde, President of the European Central Bank. Lagarde had highlighted Europe's dependence on non-European payment systems and emphasized the need for Europe to take control of its digital payments, but did not announce any plans to ban American credit cards. (hu.euronews.com) https://www.kriptoworld.hu/az-europai-kozponti-bank-elnoke-szerint-a-digitalis-euro-most-fontosabb-mint-valaha/ - In March 2025, Kriptoworld reported that Christine Lagarde, President of the European Central Bank, emphasized the increasing importance of the digital euro. She stated that the development of the digital euro is more urgent than ever, both for large and small-scale retail transactions. Lagarde highlighted the need for Europe to reduce its dependence on American and Chinese technologies in digital payments. (kriptoworld.hu) https://www.vg.hu/nemzetkozi-gazdasag/2025/06/christine-lagarde-szerint-harminc-millio-europai-munkahely-van-veszelybe-de-az-euro-fontosabb-lehet-a-dollarnal-s-ehhez-mar-csak-harom-dolog-hianyzik - In June 2025, Világgazdaság reported on an article by Christine Lagarde in the Financial Times, where she discussed the challenges posed by the changing global order to Europe's economy. Lagarde highlighted that 30 million European jobs are at risk due to the decline of open markets and multilateral rules. She emphasized the opportunity for Europe to strengthen the euro's global significance, noting that the euro currently accounts for 20% of global foreign exchange reserves, compared to the US dollar's 58%. Lagarde identified three key areas for Europe to focus on: geopolitical credibility, economic resilience, and legal and institutional integrity. (vg.hu) https://www.ecb.europa.eu/home/html/index.en.html/pub/pdf/scpwps/ecb.wp2713~91ddff9e7.hu.html - The European Central Bank's website provides various publications, including the Economic Bulletin, which discusses topics such as the digital euro. The Economic Bulletin offers insights into the ECB's economic analyses and policy decisions, including discussions on the potential benefits and challenges of introducing a digital euro. The publication aims to inform the public and stakeholders about the ECB's economic assessments and policy considerations. (ecb.europa.eu) Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative references recent developments, including the ECB's selection of service providers for the digital euro, with the earliest known publication date being October 2, 2025. (ecb.europa.eu) The article was published on October 3, 2025, indicating a freshness of approximately 1 day. However, the article is hosted on a Hungarian website, which may affect its reach and impact. Additionally, the narrative includes a critical perspective on the ECB's approach, suggesting a potential bias. The content appears to be original, with no evidence of recycled news or republished material. The inclusion of updated data, such as the recent selection of service providers, justifies a higher freshness score. No discrepancies in figures, dates, or quotes were identified. The narrative does not appear to be based on a press release, as it offers an analytical viewpoint rather than a straightforward announcement. Quotes check Score: 9 Notes: The narrative does not include direct quotes, relying instead on paraphrased information and analysis. This suggests a higher degree of originality and exclusivity in the content. The absence of direct quotes also indicates that the information is not directly sourced from other publications, reducing the likelihood of reused content. Source reliability Score: 6 Notes: The narrative originates from a Hungarian website, which may limit its credibility and reach. The website's reputation and editorial standards are not well-known internationally, raising questions about the reliability of the information presented. The article presents a critical perspective on the ECB's approach, which may indicate a bias or lack of objectivity. The lack of direct quotes and reliance on paraphrased information further complicate the assessment of source reliability. Plausability check Score: 7 Notes: The narrative discusses the ECB's selection of service providers for the digital euro, a topic covered by reputable sources such as Reuters and the ECB's official press release. (reuters.com) However, the article's critical tone and lack of direct quotes raise questions about its objectivity and accuracy. The absence of supporting details from other reputable outlets and the website's limited reach further diminish the plausibility of the claims made. The narrative's language and tone are consistent with the region and topic, and the structure does not include excessive or off-topic detail. Overall assessment Veredict (FAIL, OPEN, PASS): FAIL Confidence (LOW, MEDIUM, HIGH): MEDIUM Summary: The narrative presents a critical analysis of the ECB's selection of service providers for the digital euro, incorporating recent developments and updated data. However, the article's origin from a Hungarian website with limited international reach, its critical tone, and the lack of direct quotes raise concerns about its reliability and objectivity. The absence of supporting details from other reputable outlets further diminishes the credibility of the claims made. Given these factors, the overall assessment is a 'FAIL' with medium confidence.