The European Central Bank (ECB) has officially launched the "Digital Euro," marking a significant shift in the global financial landscape. This central bank digital currency (CBDC) is designed to complement physical cash and provide a more secure, efficient way for citizens to make digital payments. It aims to reduce the dominance of private payment platforms.

The launch follows three years of rigorous testing and public consultation. Users can now hold a limited amount of Digital Euros in a government-backed digital wallet, which can be used for both online and offline transactions. The ECB emphasized that privacy is a top priority, with strict protocols to prevent the misuse of personal data.

Financial experts believe this move will force commercial banks to innovate and offer better services to their customers. While some critics worry about the impact on traditional banking stability, the ECB has implemented "holding limits" to prevent sudden outflows of cash. This launch is being closely watched by other major economies, including the United States and Japan.