European Central Bank Sets 2029 Timeline for Digital Euro

The European Central Bank (ECB) aims for a potential launch of the digital euro by mid-2029. The digital euro, a central bank digital currency (CBDC), is intended to function as an electronic equivalent of cash for daily transactions across the eurozone, according to Executive Board member Piero Cipollone.

Preparations for the digital euro began in late 2023 and include technical development and EU-wide legislation to ensure compliance with privacy and anti-money laundering regulations. Public consultations with financial stakeholders are ongoing and will shape the final design by 2026.

As of 2025, more than 130 countries are exploring or developing CBDCs. China's digital yuan, launched in 2020, has processed billions of transactions, highlighting a global trend toward digital payments amid declining cash usage. The ECB emphasizes that the digital euro will complement existing cash, focusing on security, accessibility, and adherence to European regulatory standards.