Lithuania Prepares for Digital Euro Rollout Amid ECB Deadline

The European Central Bank (ECB) plans to issue a digital euro by 2029 as an alternative to cash, according to Evaldas Ruzgys, a member of the Board of the Bank of Lithuania.

Ruzgys emphasizes that consumers will be able to use the digital euro in the same way as current payment methods, ensuring privacy and allowing payments without internet connectivity.

The project is moving forward in Europe, with 36 payment service providers selected for a pilot project in 2027-2028. The ECB estimates that the cost of preparation across the entire eurozone will be around €3-4 billion, while banks estimate it could cost several dozen billion euros.

Despite initial skepticism, banks are increasingly realizing the need for an alternative payment instrument and see the digital euro as a solution to ensure unbreakable operation of payments. The Bank of Lithuania will have to carry out technological and procedural preparations, with all banks expected to play a significant role in distributing the digital euro.

The implementation of the digital euro in Lithuania is still underway, with the Bank of Lithuania working on technological and procedural preparations alongside commercial banks.