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European Central Bank Plans to Launch Digital Euro in 2029, Preparations to Continue
Summary: According to Bloomberg, the European Central Bank will continue the foundational work on the digital euro after the current preparatory phase ends this month, with plans to launch it in four years. ECB officials are set to decide on advancing the preparations at a meeting in Florence, Italy this week. If the legal framework is ...
According to Bloomberg, the European Central Bank will continue the foundational work on the digital euro after the current preparatory phase ends this month, with plans to launch it in four years. ECB officials are set to decide on advancing the preparations at a meeting in Florence, Italy this week. If the legal framework is in place, they aim to issue the digital euro in 2029. The ECB initiated a two-year preparatory phase for the project in 2023, hoping the EU would pass the necessary regulations during this time. However, there is still no consensus among national governments and the European Parliament. The biggest obstacle comes from the European People's Party, with some members leaning towards private sector alternatives to the ECB's digital solution. Nevertheless, pressure to break the deadlock is mounting as policymakers express dissatisfaction with the overreliance on US companies for retail payments.
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Link: European Central Bank Plans to Launch Digital Euro in 2029, Preparations to Continue [Copy]
