The EU's Digital Euro Takes Shape with ECB Backing
Hey FinTech Fanatic!
The European Central Bank has given the green light to the next phase of the Digital Euro, marking a significant milestone in the journey towards a Central Bank Digital Currency (CBDC).
The new preparation phase, starting November 1st, will focus on developing and testing the digital currency's infrastructure, with pilot transactions potentially starting in 2027 — if legislation passes in 2026.
The ECB anticipates a potential first issuance by 2029.
According to the ECB, the Digital Euro is designed to preserve Europe’s monetary sovereignty, ensure privacy and security in digital payments, encourage innovation and competitiveness in the payments landscape, and complement physical cash by offering a public digital alternative.
Christine Lagarde, President of the ECB, called it “a collective effort to future-proof Europe’s monetary system.”
Total development and operational costs are expected to reach €1.3 billion.
As central banks worldwide evaluate CBDCs, the EU’s progress puts it among the global frontrunners. What do you think: will the Digital Euro strengthen Europe’s financial independence?
Scroll down for the full line-up of today’s FinTech stories.
Cheers,
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PAYMENTS NEWS
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BLOCKCHAIN/CRYPTO NEWS
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PARTNERSHIPS
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DONEDEAL FUNDING NEWS
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M&A
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MOVERS AND SHAKERS
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