FRANKFURT (Realist English). A digital euro could debut in 2029 if political and legislative hurdles are cleared, European Central Bank (ECB) Executive Board member Piero Cipollone said on Tuesday.
Speaking at Bloomberg’s Future of Finance event in Frankfurt, Cipollone described last week’s agreement among euro-area finance ministers on customer holding limits as a “major breakthrough” that gives the project new momentum.
“The discussion at the level of member states is going very well,” Cipollone said. “The middle of 2029 could be a fair assessment” for a potential rollout.
The ECB has long argued that a digital euro would strengthen the bloc’s financial sovereignty by reducing reliance on private-sector payment providers such as Visa and PayPal. The initiative has gained urgency amid concerns that dollar-backed stablecoins promoted by U.S. President Donald Trump could expand their influence in Europe.
The main obstacle remains the European Parliament, which must adopt the legislation underpinning the digital currency. After a progress report is released on October 24, lawmakers will have six weeks to propose amendments and up to five months for further deliberations.
“It’s possible that by the beginning of May, we should have a position also of the parliament,” Cipollone noted, adding that member states are expected to reach a “general approach” by the end of this year.