According to Bloomberg, citing informed sources, the European Central Bank plans to launch its digital euro in 2029, provided that a relevant legal framework can be established.
Officials responsible for the central bank digital currency project will continue to lay the groundwork for the project after concluding the current preparatory phase at the end of this month.
Since 2020, European Central Bank officials have been exploring the potential issuance of a digital euro and entered the preparatory phase at the end of 2023 as part of an overall plan.
According to Bloomberg sources, a meeting held this week in Italy will continue to advance the preparatory work. Participants hope that legislators can reach a consensus on the legal framework and pass relevant regulations within the next four years.
Banks, legislators, member states, and end users have raised widespread concerns about the project, primarily due to worries about privacy and other risks.
Since 2023, relevant legislation has been submitted to the European Parliament for review, but it has been postponed multiple times due to political factors and the 2024 elections.
In September of this year, European Central Bank board member Piero Cipollone stated that mid-2029 is expected to be the official launch time for the digital euro, and he predicted that the European Parliament would reach a consensus on the digital euro by May 2026.
Piero Cipollone pointed out that even in the event of significant incidents such as war or cyberattacks, the digital euro would ensure that all Europeans can freely use widely applicable digital payment tools.
According to data from the Atlantic Council, there are currently only three central bank digital currencies (CBDCs) officially in circulation worldwide.
Its CBDC tracker shows that only Nigeria, the Bahamas, and Jamaica have officially issued and circulated central bank digital currencies. Additionally, 49 countries are in the pilot phase.
Data from the Human Rights Foundation indicates that the organization released a CBDC tracker in November 2023 and believes that enhancing payment efficiency and expanding financial inclusion are among the potential advantages of CBDCs.
The drawbacks include concerns that the currency may infringe on privacy and introduce new risks.
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Original article: “Reports indicate that the European Central Bank plans to launch a central bank digital currency (CBDC) in 2029”
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