ECB Official: Digital Euro Could Shield EU Financial Sovereignty
A top ECB official says the digital euro is on track for transaction testing by 2027 and a potential launch as early as 2029.
A senior European Central Bank official has framed the digital euro as a critical tool for protecting the European Union's financial independence, signaling the project remains on schedule despite ongoing legislative hurdles.
ECB Executive Board member Piero Cipollone said the bloc is positioned to begin testing real transactions with a digital euro by 2027, with a full public rollout potentially arriving as early as 2029. Both milestones, however, hinge on the passage of enabling legislation expected this year.
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Cipollone's framing of the digital euro as a sovereignty issue reflects broader concerns within EU institutions about dependence on non-European payment infrastructure, including platforms dominated by U.S. technology and financial firms. A central bank digital currency issued by the ECB would give the eurozone a state-backed digital payment option operating entirely within European jurisdiction.
The digital euro project has been in an investigative and preparation phase for several years. Moving from design to live transaction testing by 2027 would represent a significant acceleration, though regulators and policymakers across the EU still need to align on the legal framework before development can fully proceed.
The timeline underscores the ECB's ambition to keep pace with global central bank digital currency development, as other major economies advance their own initiatives. Whether the 2029 target holds will depend heavily on how quickly EU lawmakers act on the required legislation. Continue reading at Cointelegraph.
