ECB Unveils Timeline for Digital Euro Launch

The European Central Bank (ECB) is moving forward with its plan to launch a retail central bank digital currency (CBDC), dubbed the 'digital euro'. The launch of this new asset is expected in 2029, and it aims to strengthen Europe's payment infrastructure and reduce reliance on foreign providers. To achieve this goal, the ECB has set out a timeline that includes concluding negotiations on the legislative framework by the end of the year.

The digital euro will be tested through a pilot phase starting in the second half of 2027, involving 36 banks and payment service providers from 19 countries, including Greece's Piraeus Bank, National Bank of Greece, and fintech company Revolut. The launch is part of the ECB's broader strategy to modernize Europe's payment infrastructure.