ECB moves to next phase of digital euro project

The European Central Bank Governing Council has announced its decision to move on to the next phase of the digital euro project in a letter to Aurore Lalucq, Chair of the European Parliament's ECON Committee. The announcement follows the successful completion of the two-year preparation phase launched in 2023, which laid the groundwork for issuing a digital euro. The digital euro is intended to complement cash by offering a secure, inclusive and resilient public digital payment solution across the euro area. The ECB states the final decision on whether to issue a digital euro, and when, will only be made once the relevant legislation has been adopted, which is expected by 2026. A pilot exercise and initial transactions could begin as early as mid-2027, with the ECB aiming to be technically prepared for a potential first issuance by 2029. Published alongside the announcement were: (i) a report on digital euro user research; (ii) a technical report focusing on the workstream led by the dedicated Euro Retail Payments Board; and (iii) an update from the Rulebook Development Group on the digital euro scheme.

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