The European Central Bank is reportedly aiming to launch its digital euro in 2029, if a legal framework can be hammered out.
Officials working on Central Bank Digital Currency The groundwork will continue to be laid after the current preparation phase ends this month, Bloomberg reported on Wednesday, citing people familiar with the matter.
ECB officials have been Exploring a potential rollout of the digital euro from 2020, entering the preparatory phase in late 2023 as part of their plans.
Preparatory work is expected to continue at a meeting this week in Italy, according to Bloomberg’s sources, in the hope that a legal framework will be agreed upon by lawmakers and passed within the next four years.
EU lawmakers still disagree on whether a CBDC is a good idea
The project has faced significant skepticism from banks, legislators, member states and end-users, largely due to concerns around privacy and other risks.
The law has been before the European Parliament since 2023, and has faced delays amid political concerns and the 2024 elections.
In September, ECB board member Piero Cipolloni The middle of 2029 has been flagged As a possible date of launch and predicted that the European Parliament is likely to come to a consensus on a digital euro by May 2026.
Cipolloni said that a digital euro would ensure that all Europeans have access to a free, universally accepted digital payment method, even during major disruptions such as war or cyberattacks.
Related: EU Exploring Ethereum, Solana for Digital Euro launch: ft
CBDCs around the world
Only three CBDCs have been officially launched, according In the American think tank, the Atlantic Council.
Its CBDC tracker lists Nigeria, the Bahamas and Jamaica as the only three jurisdictions with an active digital token. At the same time, there are another 49 countries in the pilot phase.
Information compiled by the Human Rights Foundation, which opened a CBDC Tracker In November 2023, CITES Improved payment efficiency and expanded financial inclusion are potential benefits of CBDCs.
Drawbacks are listed as money potentially violating privacy and open new avenues of government corruption, among other concerns.
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