European Central Bank Accelerates Development of Digital Euro, Aiming for 2029 Launch

On October 29, the European Central Bank (ECB) decided to move to the next phase of the digital euro project. This decision follows a request from the European Council to accelerate the development process, with a formal introduction targeted for 2029. ECB President Lagarde announced on the same day that the development of the digital euro is entering its 'final stage.' Designed as a Central Bank Digital Currency (CBDC), the digital euro is intended to complement cash and extend the benefits of physical currency into the digital realm. If the necessary regulations are passed by the European Parliament in 2026, pilot testing and initial transactions are expected to commence by mid-2027. If successful, the full implementation is anticipated by 2029...