European Central Bank Pushes for Digital Euro Launch in 2029: Report

The European Central Bank (ECB) is reportedly targeting 2029 for the official launch of its digital euro, pending agreement on a legal framework by European lawmakers.

According to a Bloomberg report published on Wednesday, ECB officials will continue developing the digital euro after the current preparation phase concludes this month, with discussions set to continue this week in Italy. Sources close to the matter said the timeline depends on legislative progress within the next four years.

A Long Road to Consensus

The ECB began exploring a potential central bank digital currency (CBDC) in 2020, entering its preparation phase in late 2023. However, the initiative has faced significant skepticism from banks, lawmakers, and member states over concerns surrounding privacy, surveillance risks, and systemic impact on the banking sector.

The digital euro legislative proposal, first introduced to the European Parliament in 2023, has been delayed multiple times amid political debates and the 2024 EU elections.

In September 2024, ECB Executive Board member Piero Cipolloni projected a mid-2029 launch, contingent upon Parliament reaching consensus by May 2026. Cipolloni emphasized that a digital euro would guarantee Europeans access to a free, universally accepted digital payment option, even during major disruptions such as wars or cyberattacks.

Global CBDC Landscape

While over 130 countries are exploring or piloting CBDCs, only three jurisdictions have officially launched digital currencies to date — Nigeria, the Bahamas, and Jamaica, according to the Atlantic Council’s CBDC Tracker.

Another 49 countries are currently running pilot programs, including China, India, and Sweden, each pursuing different technological and regulatory approaches.

The Human Rights Foundation, which maintains a separate CBDC tracker, has highlighted potential benefits such as greater payment efficiency and financial inclusion, but also warns of serious risks — including loss of financial privacy, expanded state control, and potential corruption.

What Comes Next

The ECB’s next step is to secure political backing for the digital euro legislation, expected to define how the currency integrates with existing commercial banking systems and data protection laws.

If approved, the digital euro would become one of the most significant monetary innovations in European history — potentially reshaping how more than 340 million EU citizens store and transact money.

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