ECB targets 2029 digital euro launch as legislation advances

• The European Central Bank is preparing a digital euro rollout as early as 2029, subject to legislative approval.
• A real-transaction pilot involving ECB and national central bank staff is planned for 2027.
• The project aims to reduce reliance on non-European payment networks and expand Europe’s control over digital payments.

The European Central Bank (ECB) could launch the digital euro as early as 2029, subject to EU legislative approval, according to an interview with ECB Executive Board member Piero Cipollone published by Milano Finanza.

Cipollone said the ECB could decide on issuance once lawmakers approve the necessary regulation.

“The digital euro will give Europe an alternative of its own,” said ECB Executive Board member Piero Cipollone.

Italy’s online payments rose from 6% of total payments in 2019 to 24% in 2024, highlighting the shift towards digital transactions.

Cipollone said two-thirds of Italian online card payments use non-European card schemes, increasing reliance on external payment infrastructure.

The ECB plans to pilot real transactions in 2027, with 36 market operators already involved in preparatory work.

The digital euro would support online, in-store and offline payments, with banks and authorised intermediaries distributing it to customers.

The initiative marks a push towards European-controlled payment infrastructure while legislative negotiations continue across the European Union.