The European Central Bank (ECB) could roll out a digital euro in 2029, as momentum builds behind the long-running project and political talks advance, according to Executive Board member Piero Cipollone.
Cipollone pointed to a “major breakthrough” last week after euro area finance chiefs agreed on a framework for customer holding limits, a key feature for controlling usage and safeguarding bank deposits.
“The discussion at the level of member-states is going very well,” he told a Bloomberg Future of Finance event in Frankfurt on Tuesday. On timing, he added that “the middle of 2029 could be a fair assessment.”
Digital Euro Drive Aims To Limit Stablecoin Dominance As EU Lawmakers Weigh Rules
The ECB has been pushing the initiative for years to reduce reliance on private payment giants such as Visa and PayPal. Officials also want to ensure that dollar-backed stablecoins do not set the standard for everyday digital payments across Europe.
Legislation remains the biggest hurdle. The European Parliament must approve the legal underpinnings of the project. Cipollone said that following an Oct. 24 progress report, lawmakers will have six weeks to propose amendments, then five months for negotiations.
That schedule could yield an early May milestone. “By beginning of May, we should have a position also of the parliament,” he said.
Member states are working in parallel. “We should arrive at a general approach, as they call it, an agreement among member-states by the end of the year,” Cipollone said.
Design Questions Loom Over Digital Euro, From Privacy To Coexistence With Banks
Technical choices are still open. Officials have reportedly weighed building on a public blockchain such as Ethereum or Solana, a shift from earlier thinking that favored a private ledger operated by the Eurosystem.
Supporters say an open network could broaden reach. Critics warn it could expose transactions and complicate privacy protections.
Backers argue a digital euro could lower costs, increase transparency and speed up retail payments. Skeptics question how the design will protect user privacy, coexist with banks and compete with existing stablecoins without distorting markets.
The ECB has moved in stages, from initial study to a preparation phase, while national governments and EU institutions shape the rulebook. Even with momentum, launch will require political agreement, technical readiness and safeguards that meet Europe’s standards on privacy and stability.
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