The European Union’s move toward digital financial infrastructure reached a key turning point as the European Central Bank (ECB) announced on Oct. 30 that it will advance to the next stage of the digital euro project. The decision follows the successful end of the preparation phase, which began in November 2023 and laid the foundation for a potential digital currency launch. The ECB emphasized that the “new phase will ensure technical readiness for first issuance,” signaling its readiness to transition from design to implementation.

The announcement states:

The Governing Council of the European Central Bank (ECB) has decided to move to the next phase of the digital euro project.

The institution confirmed that it will only issue a digital euro once legislative approval has been finalized. It stated: “The ECB Governing Council‘s final decision on whether to issue a digital euro, and on what date, will only be taken once the legislation has been adopted. Under the assumption that European co-legislators will adopt the Regulation on the establishment of the digital euro in the course of 2026, a pilot exercise and initial transactions could take place as of mid-2027.”

The ECB affirmed: “If legislation in place in the course of 2026, a pilot exercise could start in 2027 and the Eurosystem should be ready for a potential first issuance of the digital euro during 2029.” The European Central Bank stressed:

The whole Eurosystem should then be ready for a potential first issuance of the digital euro during 2029.

ECB President Christine Lagarde added that the initiative reflects Europe’s commitment to “make its most tangible form – euro cash – fit for the future,” by merging technological innovation with financial stability.

With this timeline, the ECB aims to safeguard monetary sovereignty and maintain competitiveness in global payment systems. The institution also reiterated that the “preparation phase begun in November 2023 has successfully concluded,” underscoring Europe’s determination to create a resilient, inclusive, and innovation-driven monetary framework.

• When will the digital euro be ready for launch?
  The digital euro could see initial transactions in 2027 and a full issuance as early as 2029, pending legislation.
• What is the ECB’s goal with the digital euro?
  The ECB aims to enhance monetary sovereignty and ensure Europe remains competitive in the global payment ecosystem.
• Has the technical groundwork for the digital euro been completed?
  Yes, the preparation phase that began in November 2023 has been successfully concluded, paving the way for implementation.
• Will the digital euro be issued before EU legislation is passed?
  No, the ECB has confirmed that issuance will only proceed once formal legislation has been adopted.

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