ECB Prepares Digital Euro Account Number DEAN for Rollout in 2029

The European Central Bank (ECB) is planning to introduce a new account number called DEAN, which stands for Digital Euro Account Number. This new identifier will be used for accounts that manage digital euros and will exist alongside the well-known IBAN. However, it's unlikely to be introduced into everyday life before the end of the decade.

The 18-digit DEAN identifier begins with 'EU,' followed by check digits and an individual serial number. It's worth noting that existing checking accounts, IBANs, and cash will remain unaffected by this new system. Private users can link a mobile phone number as an alias, making it easier to use the digital euro without needing the full DEAN for transfers.

The ECB plans to conduct a pilot trial with 36 banks in the second half of 2027 before introducing the DEAN in 2029. The introduction of the digital currency itself is still pending decision by European institutions, who are discussing a possible balance limit of between 500 and 3,000 euros per person.