Digital Euro on Track for 2029 Launch, ECB Executive Predicts
Brussels, Belgium – A digital euro could be a reality by mid-2029, according to Piero Cipollone, a member of the European Central Bank’s (ECB) executive Board.The prediction signals notable progress in the ECB’s multi-year effort to establish a digital choice to the euro, lessening the Eurozone’s reliance on international payment giants like Visa and PayPal.
The push for a digital euro has gained momentum, particularly with the rise of dollar-pegged stablecoins and other cryptocurrencies. These developments have spurred the ECB to accelerate its plans for a central bank digital currency (CBDC).
A key breakthrough in the process, Cipollone revealed, is an agreement among Eurozone finance ministers on a cap for the amount of digital euros individuals can hold in their digital wallets. While the specific limit remains undisclosed, Cipollone described it as a “big breakthrough” designed to prevent substantial capital flight from conventional banks.
“The discussions between the member states are going very well,” he stated.
While the technical infrastructure for the digital euro is still under consideration, blockchain technology – the foundation of many existing cryptocurrencies – is a potential option. Crucially, the digital euro would maintain a 1:1 value parity with the physical euro.
However, the path to implementation isn’t without hurdles. New legislation must be approved by the european Parliament, a process expected to take considerable time. Despite this, Cipollone’s optimistic outlook suggests the ECB is confident in its ability to navigate the regulatory landscape and deliver a digital euro within the next six years.
**[ImageofPieroCipolloneArchiveimagefromthisspringPhoto:JoseLuismagana/AP/TT[ImageofPieroCipolloneArchiveimagefromthisspringPhoto:JoseLuismagana/AP/TT[ImageofPieroCipolloneArchiveimagefromthisspringPhoto:JoseLuismagana/AP/TT[ImageofPieroCipolloneArchiveimagefromthisspringPhoto:JoseLuismagana/AP/TT
