The European Union’s long-awaited central bank digital currency (CBDC), the digital euro, is facing fresh delays, with its launch now projected for mid-2029.
Speaking at Bloomberg’s Future of Finance event in Frankfurt on Tuesday, European Central Bank (ECB) Executive Board member Piero Cipollone suggested that “the middle of 2029 could be a realistic horizon” for the rollout. He noted that ongoing discussions among EU member states remain essential before any final decision can be made.
If accurate, Cipollone’s estimate pushes the project further down the timeline, even as pressure mounts for Europe to establish a digital euro to safeguard financial independence amid rapid developments in U.S. stablecoins.
Legislative hurdles slowing progress
According to Cipollone, the European Parliament remains the main bottleneck. Legislation must first be passed before the project can move forward. He said lawmakers are expected to settle on a “general approach” by the end of 2025, with Parliament likely to take an official stance by May 2026.
The remarks come shortly after EU finance ministers struck a compromise on the project’s roadmap, including potential holding caps for digital euro accounts. “Before the ECB takes any issuance decision, there will be space for discussion in the Council of Ministers,” Eurogroup President and Irish Finance Minister Paschal Donohoe confirmed last week.
Progress report due in October
Despite the delays, the ECB is pressing ahead with preparations. A European Parliament member is expected to deliver a progress update on October 24, with lawmakers given six weeks to propose changes and up to five months for further debate, Cipollone said.
The ECB itself is due to decide in October whether the project will advance into the next phase of development.
Five years in the making
First outlined in 2020, the digital euro initiative has become one of the EU’s most heavily debated financial undertakings. While the European Commission unveiled a legislative proposal in mid-2023, momentum within Parliament has remained slow.
The ECB completed its investigation stage in November 2023 and is currently in a preparation phase scheduled to end in October 2025. Yet skepticism persists among banks, policymakers, and the public—especially regarding privacy concerns.
Globally, central banks are experimenting with their own digital currencies. China’s digital yuan, piloted in 2022, has seen sluggish uptake, with critics arguing CBDCs risk becoming expensive copies of existing fiat systems rather than real innovation.
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