ECB Warns Legislative Delays Could Postpone Digital Euro Launch
Piero Cipollone said a delay could push back the 2029 rollout and leave Europe more reliant on foreign payment providers.
- On Tuesday, European Central Bank Executive Board member Piero Cipollone urged lawmakers to complete the Single Currency Package negotiations before year-end to maintain the potential 2029 launch schedule for a digital euro.
- Although the ECB can continue developing underlying technology, the institution cannot issue a digital euro without necessary legal authorization from the European Union, which remains under active negotiation.
- Regardless of legislative progress, the ECB is preparing a 12-month pilot scheduled for the second half of 2027, involving 19 national central banks and 36 payment service providers to test a beta version.
- Cipollone warned that delayed adoption could deepen Europe's reliance on foreign payment networks, noting that two-thirds of online card payments in Italy currently use non-European card schemes.
- While the digital euro awaits legislation, private institutions are developing euro stablecoins under the Markets in Crypto-Assets Regulation, with a consortium backed by 37 banks recently receiving regulatory authorization.
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10 Articles
The ECB warns that the digital euro could be postponed beyond 2029 if the European Union does not approve the legal framework in time. As negotiations continue, the central bank maintains the plan of a 12-month pilot in 2027.
Key points of the news European Central Bank: The ECB urged EU negotiators to finalize the legislation on the digital euro before the end of the year, noting that timely approval is essential to keep the launch planned for 2029 going. Digital Euro: The EU institutions already ... Read more
Illustrative image Photo: PexelsBCE says delay in digital euro law can push planned release for 2029
ECB Warns Legislative Delays Could Push Back Digital Euro Launch
European Central Bank Executive Board member Piero Cipollone has urged EU negotiators to strike a deal on the bloc’s digital euro legislation before the end of the year, warning that any delay could push back a potential launch initially targeted for 2029. Speaking at a session of the European Parliament’s Committee on Economic and Monetary Affairs on Tuesday, Cipollone said adopting the law—part of the EU’s wider “Single Currency Package”—would…
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