ECB eyes 2027 launch for digital euro pilot
The European Central Bank (ECB) said on Thursday that it could launch a pilot of its digital currency in 2027, provided it receives timely approval from lawmakers for the project, which it considers vital for the euro zone’s financial autonomy, News.Az reports, citing Reuters.
The ECB has described the digital euro as a strategic alternative to private, U.S.-dominated payment systems such as credit cards and stablecoins. The bank emphasized that such a step has become increasingly important amid growing geopolitical tensions, with financial autonomy and resilience seen as key to protecting Europe’s economic sovereignty.
After four years of study and preparation, the ECB said it was now looking at carrying out a pilot, meaning some transactions in digital euros may be carried out as soon as mid-2027, before a full-scale launch two years later.
"A pilot exercise and initial transactions could take place as of mid-2027," the ECB said in a statement. "The whole Eurosystem should then be ready for a potential first issuance of the digital euro during 2029."
But this was conditional on European Union lawmakers – who include the European Parliament, Council and Commission – passing legislation providing a basis for the digital euro next year.
Securing that has proven difficult, with lawmakers picking up concerns from banks that the digital euro may hollow out their coffers and cost too much to set up.
EU governments have claimed a last say on whether a digital currency should be launched at all and how many such euros residents will be able to own.
The ECB, which estimates the cost for the industry will be between 4 billion euros ($4.66 billion) and 5.77 billion euros after taking into account savings and synergies, said it would continue to work with legislators.
Similar news
