European Central Bank advances digital euro project, aims for 2029 launch

Piero Cipollone: Piero Cipollone is a Member of the Executive Board of the European Central Bank, where he contributes to decisions on monetary policy and the development of payment systems. In a September 2026 interview with Corriere della Sera, he clarified that the digital euro will complement rather than replace cash, highlighting its role in offering merchants lower fees and supporting offline payments. Cipollone stressed the project's focus on European strategic autonomy amid global shifts in digital finance. European Central Bank: The European Central Bank is the central bank for the euro area, responsible for monetary policy and maintaining price stability across the 20 EU countries that use the euro. It is leading the development of a digital euro as a public complement to physical cash, emphasizing security, resilience, and no cost to individuals. In the context of this news, the ECB is advancing the digital euro project through technical standards, pilots, and legislative coordination in Brussels to ensure a European-controlled digital payment infrastructure. Testing: The pilot project for the digital euro was launched in the summer of 2026, with first tests scheduled to begin the following year and initial payments possible in less than twelve months. Legislation: The legislative text needed to launch the digital euro is expected to be ready by the end of the year. Strategic Autonomy: Geopolitics, including the invasion of Ukraine, has accelerated focus on building a European digital payment system independent of non-EU operators.