The European Central Bank is launching a new phase of preparations for the digital euro

The European Central Bank (ECB) has announced the launch of a further phase of the digital euro project. This phase is intended to ensure the technical readiness of the system for a possible first issuance of the digital currency. This marks the successful continuation of the preparatory phase that began in 2023.

If the necessary legislation is adopted in the course of next year, pilot tests could begin in 2027 and the digital euro itself could be ready for introduction in 2029.

The European Central Bank points out that the aim of the project is to adapt the monetary system to new payment habits and to create a public digital means of payment as a suitable complement to cash.

The process will be flexible, and the decision on the final introduction of the digital euro will only be made after the legislative process has been completed. Technical readiness, cooperation with the market, and legislative support are important factors in this regard.

The estimated total cost of developing the digital euro by 2029 is around €1.3 billion, with annual operating costs of €320 million.

(tasr, sie)