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The digital euro is set to be launched for widespread circulation in July 2029. This was announced by Piero Cipollone, a member of the Executive Board of the European Central Bank (ECB).
According to him, achieving this timeline is feasible provided that the legislative framework is established by the end of the current year. Cipollone emphasized that relevant efforts are already underway, and banks are showing interest in participating in the pilot project.
“I do not foresee any significant obstacles to the issuance of the digital euro,” Cipollone stated.
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The ECB aims to commence the pilot phase in the latter half of 2027, with testing expected to last approximately 12 months.
Previously, EU member states approved the issuance of the digital euro, and the European Parliament endorsed the creation of its version based on central bank infrastructure.
In February, German Federal Chancellor Friedrich Merz called for an expedited launch of the digital euro in light of changes in the global economy and relations with the United States.
Additionally, a group of 68 economists urged the European Parliament to accelerate the project’s launch, highlighting the risks associated with the strengthening of international payment systems and dollar-pegged stablecoins.
