ECB official says digital EUR may be launched as early as 2029 year
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AT A GLANCE
Piero Cipollone said the digital EUR aims to strengthen the EU’s payment sovereignty and may be launched as early as 2029 year.
Article
ECB official: Digital EUR concerns payment sovereignty and may be launched as early as 2029 year
BlockBeats reports that October 25, Piero Cipollone, a member of the Executive Board of the European Central Bank, said in an interview that the digital EUR, which is planned for a pilot next year, could give the EU “sovereignty” over payment infrastructure and reduce its reliance on third parties outside Europe. He said Europe has realized in recent years that it cannot rely solely on external parties for key services such as energy and defense, and that payments are no different. He said sovereignty does not mean excluding third parties, but rather having the power to choose and ensuring that this critical service can also rely on Europe’s own capabilities.
Cipollone said the pilot will involve real transactions conducted by employees of the ECB and national central banks. At present, 36 market institutions are participating in preparations, and e-commerce and mobile-commerce operators have been invited to join. Under the plan, if the relevant legislation is passed within the year, the Governing Council of the ECB may make a formal decision on issuance. Real-transaction testing is expected to take place in 2027 year, and the digital EUR may be launched as early as 2029 year. He also previously noted that in the EUR area, approximately two-thirds of bank-card transactions are dominated by non-European companies, and the digital EUR could help reduce this dependence.
Original link https://m.theblockbeats.info/flash/373609
Key points
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Piero Cipollone, a member of the Executive Board of the European Central Bank, said in an interview that the digital EUR is planned for a pilot next year.
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Cipollone said the digital EUR could give the EU “sovereignty” over payment infrastructure and reduce its reliance on third parties outside Europe.
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The pilot will involve real transactions conducted by employees of the ECB and national central banks. At present, 36 market institutions are participating in preparations.
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The parties involved in the preparations have invited e-commerce and mobile-commerce operators to join.
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Under the plan, if the relevant legislation is passed within the year, the Governing Council of the ECB may make a formal decision on issuance.
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Real-transaction testing is expected to take place in 2027 year, and the digital EUR may be launched as early as 2029 year.
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Cipollone previously noted that in the EUR area, approximately two-thirds of bank-card transactions are dominated by non-European companies.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Digital EUR is a European payment initiative described in the report. Cipollone believes Europe needs to retain its own choice and capabilities in payments, a critical service, but “payment sovereignty” does not mean excluding third parties. The project remains in the preparation stage, and its subsequent progress will also depend on legislation, a decision by the Governing Council of the European Central Bank, and testing progress.
Why it matters to readers
If the plan proceeds under the stated conditions, Europe may gain more local payment options and reduce its reliance on non-European payment service providers.
This is not news that the digital EUR has already been formally issued. Beginners should focus on distinguishing among the pilot, testing, approval for issuance, and formal launch stages, and monitor the relevant legislation and subsequent decisions by the Governing Council of the European Central Bank.
Risks and unknowns
The report is a reaccounting by BlockBeats of an interview; the evidence does not provide the original interview.
Whether the relevant legislation can be passed within the year remains uncertain.
Whether the Governing Council of the European Central Bank will approve issuance remains uncertain.
2027 year for real-transaction testing and the earliest 2029 year for launch are both conditional timelines, not certain outcomes.
36 The names of the market institutions participating in preparations and the invited operators have not been disclosed.
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Related concepts
digital EUR
This term is not in the glossary yet. Browse related concepts in the glossary.
