The European Central Bank accelerates the digital euro project, which may be officially launched in 2029.

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The European Central Bank is preparing to accelerate its digital euro project, aiming for an official launch in 2029.

According to media reports on the 29th citing informed sources, European Central Bank officials will decide at a meeting in Florence this week whether to continue advancing the digital euro’s foundational work after the current two-year preparation phase ends this month. The central bank's goal is to launch the digital currency in 2029, provided the necessary legal framework is in place in time.

ECB President Christine Lagarde and other officials have been pushing to speed up the project, believing it is crucial for strengthening Europe's strategic autonomy in the current environment. According to sources, this stance will be reflected in an official announcement to be released on Thursday.

This move highlights Europe’s deep concerns about the current retail payments market landscape, which is heavily reliant on American companies such as Visa, MasterCard, and PayPal. In addition, worries about US dollar stablecoins, potentially backed by President Trump, gaining a foothold in Europe have added urgency to the advancement of the digital euro.

Legislative progress lags behind, but geopolitical pressure increases urgency

Although the ECB is planning to accelerate its efforts, the ultimate rollout of the digital euro still needs to overcome political obstacles. The central bank launched a two-year preparation phase in 2023, hoping the EU could adopt necessary regulations tailored to this “digital version” of cash during this period. However, as of today, governments of member states and the European Parliament have yet to reach an agreement.

The strongest resistance to the project comes from the European People’s Party (EPP), with some members preferring privately led digital payment alternatives over the ECB’s official solution. Nonetheless, as Europe’s external dependence in the payments sector becomes increasingly apparent, the pressure to break the legislative deadlock is mounting.

The potential 2029 launch date is closely watched. ECB Executive Board member Piero Cipollone publicly mentioned this timeline for the first time at a Bloomberg event in September, stating:

“Mid-2029 could be a reasonable estimate.”

This statement set a clear benchmark for market expectations. Prior to the current two-year preparation phase, the ECB had completed a two-year investigation phase. This means the digital euro project has already undergone years of research and preparation, and is now taking a key step towards implementation.

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