ECB to Start Digital Euro Pilot in Second Half of 2027, Targets 2029 Launch

The European Central Bank has unveiled a roadmap to launch a digital euro pilot in the second half of 2027 and formally issue the currency in 2029.

Bitcoin.com reported on November 6 that Piero Cipollone, a member of the ECB's Executive Board, detailed the timetable in a keynote speech at the 8th International Conference on Local Cards, Card Payments and Retail Financial Market Infrastructures.

"The digital euro is not just a complement to the euro area's payment system. It is a solution for the future," Cipollone said. He added that it would serve as a platform to innovate and expand the quality and scope of payment services.

He also pointed to Europe's reliance on non-European companies for in-store card payments in 13 countries, saying the digital euro would help secure Europe's payment sovereignty.

The pilot will begin in the second half of 2027 and run for 12 months. It will focus not only on technical validation, but also on standardizing interactions among service providers, merchants, central banks, infrastructure operators and users. A total of 36 service providers are set to participate.

A formal launch in 2029 depends on negotiations among the European Parliament, the Council of the European Union and the European Commission being concluded this year. ECB President Christine Lagarde has previously said a bloc-wide rollout could take place between 2028 and 2029, with rules in place by year-end as a precondition.

Lagarde has also emphasized the digital euro as a tool to respond to the spread of stablecoins. As stablecoin use increases, the effectiveness of central bank monetary policy could weaken.