The European Central Bank is stepping into a new phase of its digital euro journey after wrapping up the groundwork that started back in November 2023. The plan is clear. If the necessary laws are passed in 2026, a pilot phase will kick off in 2027, with the full rollout of the digital euro expected by 2029 across all eurozone countries.
Pressure Is Mounting Behind the Scenes
There’s growing urgency from European leaders to speed things up. They want the ECB to move faster as digital payment habits evolve and private companies continue to dominate the space.
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Christine Lagarde says the EU is accelerating its CBDC plans They expect a full digital Euro rollout by 2029 pic.twitter.com/gMNPnx8qrJ
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There’s also a bigger concern driving this push: keeping the euro relevant in daily payments as fewer people use physical cash. The ECB sees the digital euro as a way to stay in the game and offer a public alternative that keeps control of the currency within the system.
What’s Actually Happening Right Now
With the next phase now underway, the ECB is focusing on three main areas. First, they want to make sure the tech works. Second, they’re working closely with payment providers and other market players.
And third, they’re supporting lawmakers as they get ready to vote on the legal framework. A draft rulebook is already done, and the ECB has picked its infrastructure partners. Everything is lining up behind the scenes to keep the timeline on track.
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The Numbers Behind the Rollout
The digital euro is not a small-budget project. Development costs are estimated at €1.3 billion through to the first official release. Once it goes live, yearly operational costs are expected to sit around €320 million starting in 2029. These figures show just how big the ECB is thinking, essentially building a digital version of cash that’s backed by the public sector.
How It Will Affect Day-to-Day Spending
Once launched, the digital euro won’t replace cash but will sit alongside it. The idea is to offer another way to pay that’s more resilient, inclusive, and widely accepted across Europe.
Whether someone prefers coins, cards, or phone-based wallets, the digital euro would add another tool to the mix. It’s not aiming to wipe out existing systems but to give people one more secure and stable option that doesn’t rely on private companies.
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What the Timeline Looks Like From Here
If the European Parliament and Council approve the legislation by 2026, testing can begin the following year. The ECB will continue working on the tech and coordinating with the market during this time. Lawmakers must finalize the legal framework before officials can issue the digital crypto. Until then, the pieces will keep moving quietly in the background.
A Sign of the Times
This entire process is a sign that central banks are no longer watching from the sidelines. The ECB’s move shows a willingness to rethink money itself and how people use it day to day. With the digital euro on track for 2029, Europe is preparing for a future where public and digital currencies work side by side.
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Key Takeaways
- The European Central Bank plans to launch the digital euro by 2029 if laws are approved in 2026 and testing begins in 2027.
- European leaders are pushing the ECB to speed up development to keep the euro relevant as digital payments replace cash.
- The ECB is focusing on technology readiness, collaboration with payment providers, and legislative support during the next phase.
- Developing the digital euro will cost about €1.3 billion in development, with yearly operating costs of around €320 million once live.
- The digital euro will complement, not replace, cash by offering a public and secure digital payment option across the eurozone.
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