FRANKFURT / LONDON (IT BOLTWISE) – The European Central Bank is moving forward with the introduction of the digital euro, with a planned launch in 2029. This digital currency is intended to serve as a complement to cash and create a European counterweight to US payment providers.
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The European Central Bank (ECB) has specified its plans to introduce a digital euro and is aiming for a market launch in 2029. This digital currency is intended to complement traditional cash and revolutionize European payment transactions. The prerequisite for the introduction is an appropriate legal framework, which is due to come into force by 2026. The ECB plans to start a pilot project in 2027 to test the practicality and acceptance of the digital euro.
The digital euro is being developed in close collaboration with payment providers, merchants and consumers to ensure it meets market needs. The ECB emphasizes that the digital euro is not intended to replace cash, but rather to serve as an additional payment option. This is also intended to help reduce dependence on US payment giants such as Paypal, Mastercard and Visa, which currently dominate the European market.
The development of the digital euro is part of a broader strategy by the ECB to strengthen the European economy and promote digital sovereignty. The cost of the project is estimated at around 1.3 billion euros, with annual operating costs of around 320 million euros from 2029. This investment is considered necessary to ensure Europe’s competitiveness in global payments.
Another aspect of the introduction of the digital euro is ensuring data protection and security standards. The ECB is working intensively to design the technology so that it meets the highest requirements. Consumers should be able to use the digital euro in a digital wallet, a so-called wallet, which enables fast and secure transactions.
While the ECB is working on implementation, there are also critical voices that question the benefits of the digital euro. Some experts argue that existing European payment services such as Wero, already available in several countries, could be expanded to achieve similar goals. Nevertheless, the ECB remains optimistic that the digital euro will make an important contribution to the future of European payments.
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