Key Takeaways
- The European Central Bank (ECB) is targeting a mid-2029 timeline for potentially launching the digital euro, their proposed central bank digital currency (CBDC).
- The digital euro is intended to function as an electronic equivalent to cash for daily transactions throughout the eurozone.
The European Central Bank, the central bank responsible for monetary policy in the 20 eurozone countries, is targeting mid-2029 for a potential release of its digital euro, according to Executive Board member Piero Cipollone.
The timeline represents a concrete milestone for the proposed central bank digital currency that would serve as an electronic version of euro cash for everyday transactions.
The ECB entered a preparation phase for the digital euro in late 2023, involving technical development and EU-wide legislation to ensure compliance with privacy and anti-money laundering rules. Ongoing consultations are expected to shape its final design by 2026.
Over 130 countries are exploring or developing CBDCs as of 2025. China’s digital yuan has processed billions in transactions since its 2020 launch, highlighting a global shift toward digital payments amid declining cash use.
