European Central Bank to Accelerate CBDC Plans, Eyeing 2029 Digital Euro Rollout

The European Central Bank (ECB) is set to accelerate the development of the digital euro, with a pilot planned for mid-2027 and a full rollout across Europe anticipated in 2029, contingent on regulatory approval from the European Parliament in 2026. ECB President Christine Lagarde emphasized the importance of the digital euro in digitizing cash and enhancing the trust in the euro currency. The move follows an encouragement from the European Council to expedite the CBDC initiative as a way to reduce dependence on physical banknotes. The digital euro will function distinctly from cryptocurrencies, lacking reliance on public blockchains and focusing instead on principles of centralized currency management. Crypto advocates express concerns over privacy, centralization, and the implications of potential government control over digital finances. The ECB estimates that the total cost of developing the digital euro will reach approximately €1.3 billion ($1.5 billion) by its debut.

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