The European Central Bank (ECB) plans to launch the digital euro in 2029, provided that the necessary legal framework is approved in time, Bloomberg reported, citing sources familiar with the project.

The current preparatory phase, which began in late 2023, is expected to conclude in October this year. After that, ECB officials will continue to develop the technical and legislative aspects of the project. The goal is for European institutions to approve the required laws by 2026, enabling a full rollout around three years later.

The path to the digital euro began in 2020

The ECB started exploring the idea of issuing its own digital currency back in 2020, when the concept of CBDC (central bank digital currency) – a digital currency issued by a central bank – gained global attention. Since then, tests and studies have been conducted to assess not only the technological possibilities but also the potential impacts on financial stability and privacy.

In September 2024, ECB Executive Board member Piero Cipollone described mid-2029 as a realistic timeline for the launch. He said the new currency should ensure that “all Europeans have access to a free and universally accepted digital means of payment,” even in times of war, cyberattacks, or crises.

Critics warn of privacy risks

The introduction of the digital euro faces resistance from some EU lawmakers, commercial banks, and the public. Critics highlight potential threats to financial privacy and the risk of greater state control over personal finances.

The digital euro legislation has been under discussion in the European Parliament since 2023, but the process was delayed by political disagreements and the 2024 European elections. A consensus is now expected by mid-2026.

Digital currencies around the world

According to the Atlantic Council, only three countries have officially launched their CBDC – Nigeria, the Bahamas, and Jamaica – while 49 others are running pilot programs.

Both the Atlantic Council and the Human Rights Foundation, which launched its own “CBDC tracker” in 2023, note that digital currencies can enable faster payments and greater financial inclusion, but they also pose risks of data misuse and surveillance.

What the digital euro would offer

The digital euro is intended as a complement, not a replacement, to cash. The ECB promises it will be a safe and universal means of payment for all eurozone citizens, offering instant and fee-free transfers while maintaining strong privacy protection.

Sources:

https://www.bloomberg.com/news/articles/2025-10-29/ecb-targets-2029-launch-for-digital-euro-prep-work-to-continue

https://cointelegraph.com/news/digital-euro-ecb-lawmakers-privacy-risks

https://www.atlanticcouncil.org/cbdctracker/

https://cbdctracker.hrf.org/cbdc-101