But as the project nears reality, a tug-of-war has erupted. Several European Union governments, including France and Germany, argue the ECB has gained too much control over one crucial aspect: how much digital currency citizens will be allowed to hold in “wallets” backed by the central bank.

While it may seem like a dry technical issue, the stakes are enormous. Politicians and technocrats worry that if the limit is set too high, citizens could pull vast sums from traditional banks during a crisis, jeopardizing the stability of the entire banking system. Some are also concerned that any cap could infringe on personal financial freedom, stoking fears of a “Big Brother” state, according to one diplomat, who like others mentioned in this piece was granted anonymity to speak freely about a sensitive issue.

Even so, that might not do much to resolve the broader worry — that a project intended to save Europe from the overarching economic dominance of U.S. tech now threatens to become a risk in its own right, should the ECB forge ahead without adequate democratic support.