European Central Bank Executive Board member Piero Cipollone said a digital euro could give Europe greater sovereignty over its payment infrastructure and reduce reliance on non-European third-party providers. He said the project is scheduled to enter a pilot phase in 2027, using real transactions carried out by staff at the ECB and national central banks. A total of 36 market operators are involved in the preparation work, including seven from Italy, while the ECB has also invited e-commerce and mobile commerce operators to take part. Cipollone said two-thirds of euro area card transactions are managed by non-European companies, and argued that a digital euro could offer payment infrastructure controlled within Europe. The ECB’s Governing Council will decide on issuance after legislative negotiations in Brussels conclude. If the relevant rules are approved by the end of this year, the digital euro could be launched as early as 2029, according to Cointelegraph.
European Central Bank Executive Board member Piero Cipollone said a digital euro could give Europe more sovereignty over its payment infrastructure and cut its reliance on non-European third-party providers.
Cipollone said the digital euro project is set to enter a pilot phase in 2027. The trial will use real transactions conducted by staff from the ECB and national central banks. A total of 36 market operators are taking part in the preparation, including seven Italian operators. The ECB has also invited e-commerce and mobile commerce operators to join.
He said two-thirds of card transactions in the euro area are managed by non-European companies. In his view, a digital euro would provide payment infrastructure controlled by Europe.
The ECB Governing Council still needs to decide whether to issue the digital euro after legislative negotiations in Brussels are completed. If the relevant legislation is passed by the end of this year, the digital euro could be introduced as early as 2029, according to Cointelegraph.
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