EU Prepares to Launch Digital Euro in 2029 Amid Concerns Over Dependence on US Payment Giants

The European Union is on the cusp of its most significant financial transformation since the introduction of banknotes in 2002, as negotiations for the digital euro enter their final phase.

The goal is to roll out the digital euro to citizens by 2029, with the first large-scale practical tests set to begin in autumn 2027. This gradual rollout is designed to ensure the stability of an interconnected banking system.

The digital euro will not be a private or speculative cryptocurrency, but rather an electronic extension of fiat money issued and guaranteed directly by the European Central Bank (ECB). It will function as a direct complement to coins and banknotes, without replacing them.

The major technical advance lies in offline use, allowing money transfers between devices to occur simply by being near each other, even without an internet connection or power outage. This option will also guarantee complete confidentiality, as peer-to-peer transactions won't pass through commercial servers.