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Work on the digital euro is gaining momentum, with a launch possible by the middle of 2029, according to European Central Bank Executive Board member Piero Cipollone.
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Speaking at a summit on Tuesday, Cipollone said that “discussion at the level of member-states is going very well,” regarding the CBDC, adding that a potential launch date of “the middle of 2029 could be a fair assessment”.
The Italian official said that last week saw a “major breakthrough” on the project, with euro-area finance ministers agreeing on how to set customer holding limits.
Ove the last year, the digital euro project’s urgency has increased in the face of geopolitical challenges, including an increasingly hostile United States under Donald Trump and concerns about Europe’s reliance on Mastercard and Visa.
A progress report on the euro is due in October, after which European Parliamentarians – who need to pass legislation on the plan – will have six weeks to offer amendments and then another five months of discussions. That means that “we should have a position also of the parliament,” by May, says Cipollone.
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