ECB Targets 2029 for Launch of Digital Euro as Cash Alternative

The European Central Bank is accelerating plans to introduce a digital euro by 2029, with executive board member Piero Cipollone citing mid-year as a realistic timeline. Last week's agreement among eurozone finance ministers on customer ownership limits marked a critical step forward.

Since 2020, the ECB has pursued this central bank digital currency (CBDC) to address Europe's rapid digital transformation. As cash usage declines and digital payments dominate, the digital euro WOULD serve as a public payment alternative—secure, universally accessible, and free from private sector volatility.

The project promises streamlined cross-border transactions and reduced payment costs for businesses. Unlike cryptocurrencies, this CBDC would maintain direct ECB oversight, ensuring stability while modernizing Europe's financial infrastructure.