European central bank pushes for CBDC launch in 2029: Report

The European Central Bank is reportedly aiming to launch its digital euro in 2029, provided a legal framework can be hammered out.

Officials working on the central bank digital currency will continue to lay the groundwork after the current preparation phase concludes this month, Bloomberg reported on Wednesday, citing people familiar with the matter.

ECB officials have been exploring a potential rollout of the digital euro since 2020, entering the preparation 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 can’t agree whether a CBDC is a good idea

The project has faced significant skepticism from banks, lawmakers, member states and end-users, mainly due to concerns around privacy and other risks.

Legislation 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 flagged the middle of 2029 as a possible launch date and predicted that the European Parliament would likely come to a consensus on a digital euro by May 2026.