The European Central Bank's digital euro project, a planned central bank digital currency (CBDC), is facing significant delays with a launch now expected around mid-2029, according to ECB Executive Board member Piero Cipollone. Cipollone revealed this timeline at the Bloomberg Future of Finance event in Frankfurt, describing mid-2029 as a fair assessment for the rollout, marking another setback despite calls to advance the CBDC to protect Europe's financial sovereignty.
The primary obstacle cited is the European Parliament, which must pass essential legislation before the project can proceed. Cipollone indicated that EU member states aim to reach a general agreement by the end of 2025, with the Parliament likely to solidify its position by May 2026. This delay follows a recent compromise by EU finance ministers on a digital euro roadmap, which includes holding limits and emphasizes that the CBDC should complement existing payment methods without replacing cash.
EU ministers have underscored the digital euro's role in enhancing financial inclusion, cybersecurity, and cross-border payments within the eurozone, while addressing concerns over privacy and economic stability. However, technical, legal, and political challenges persist, including the need for scalable infrastructure, harmonized regulations, and public acceptance. The ECB is moving forward with preparations, with a progress report from a European Parliament member expected on October 24, 2025, triggering a six-week amendment period and five months of discussions.