European Central Bank Executive Board member Piero Cipollone said the digital euro is being designed to deliver the highest level of privacy that current technology can provide. In an Aug. 10 interview with Italian outlet ilsussidiario.net, Cipollone said offline payments would take place directly between individuals, with transaction details visible only to the payer and the recipient. For online payments, he said the Eurosystem would not be able to identify either side of the transaction, while only the commercial banks involved would have that visibility, including for anti-money laundering purposes.
The legislative track is also moving ahead. The European Parliament reached its negotiating position on digital euro regulation in July, and talks with member states are aimed at reaching an agreement by the end of 2026. The ECB has selected 36 payment service providers, including Deutsche Bank, UniCredit and Revolut, for a 12-month pilot due to start in the second half of 2027. The target date for a first issuance is 2029. The update comes as the U.S. signed the 21st Century Road Act in July, barring the Federal Reserve from issuing a central bank digital currency before the end of 2030 without explicit authorization from Congress.
European Central Bank Executive Board member Piero Cipollone said in an Aug. 10 interview with Italian media outlet ilsussidiario.net that the digital euro would provide the highest level of privacy current technology can achieve.
According to Cipollone, offline payments would be conducted directly between individuals, and transaction details would be visible only to the payer and the recipient. For online payments, the Eurosystem would not be able to identify the payer or the recipient. Only the commercial banks participating in the transaction would be able to identify them, including for anti-money laundering purposes.
Legislative timeline and pilot plan
The European Parliament reached its negotiating position on digital euro regulation in July. Talks with member states are aimed at securing an agreement by the end of 2026.
The ECB has designated 36 payment service providers, including Deutsche Bank, UniCredit and Revolut, to take part in a 12-month pilot scheduled to begin in the second half of 2027. The target date for a first issuance has been set for 2029.
U.S. position on central bank digital currency
At the same time, the United States signed the 21st Century Road Act in July, prohibiting the Federal Reserve from issuing a central bank digital currency before the end of 2030 unless it receives explicit authorization from Congress.
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