ECB Says Digital Euro Will Boost Competitiveness of European Banks, Targets 2029 Launch
Summary
- The European Central Bank said the digital euro would help strengthen the competitiveness of European banks and payment providers.
- The ECB said it plans to begin a digital euro pilot next year and officially launch it in 2029.
- The digital euro project is intended to strengthen Europe’s monetary sovereignty and reduce reliance on U.S. payment companies and the dollar-pegged stablecoin market.
The European Central Bank said the digital euro would help strengthen the competitiveness of European banks and payment providers.
Crypto-focused media outlet BlockBeats reported on October 6 that ECB Executive Board member Piero Cipollone said the project would go beyond addressing current shortcomings in Europe’s payments system. It would also give the region a chance to prepare for the future and provide a platform for innovation.
"New opportunities continue to emerge," Cipollone said. "The goal is to ensure that Europe’s payment service providers have the capacity to seize them and build a strong competitive advantage."
The ECB plans to begin a digital euro pilot next year and officially launch it in 2029.
The digital euro project is also intended to strengthen Europe’s monetary sovereignty. Europe is heavily reliant on U.S. payment companies such as Visa and Mastercard, while the growth of the dollar-pegged stablecoin market is fueling concern among European policymakers.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.