Work on the digital euro is gaining momentum, with a possible launch by mid-2029, according to Piero Cipollone, a member of the European Central Bank Executive Board.
Speaking at a summit on Tuesday, Cipollone noted that “discussion at the level of member states is going very well” regarding the central bank digital currency (CBDC), adding that “the middle of 2029 could be a fair assessment” for its potential launch date.
The Italian official highlighted a “major breakthrough” last week, where euro-area finance ministers reached an agreement on customer holding limits.
Over the past year, the urgency of the digital euro project has intensified due to geopolitical challenges, particularly concerns about Europe’s reliance on Mastercard and Visa amid a changing U.S. political landscape.
A progress report on the euro is expected in October. Following this, European Parliamentarians will have six weeks to propose amendments before entering five months of discussions. Cipollone indicated that a parliamentary stance should be established by May.