Quick Breakdown
- The ECB is targeting 2029 to launch the digital euro if EU lawmakers agree on a legal framework.
- Privacy, political, and banking concerns continue to delay the project.
- Only three countries globally have fully deployed CBDCs, while dozens remain in pilot stages.
ECB eyes 2029 rollout for digital euro
The European Central Bank (ECB) is reportedly gearing up to introduce its long-anticipated digital euro by 2029 — but only if European lawmakers finalize the necessary legal framework in time.
According to a Bloomberg report on Wednesday, officials familiar with the project said that preparatory work on the central bank digital currency (CBDC) will continue after the current phase ends this month. The ECB team met in Italy this week to outline the next steps as they await legislative approval, which could take up to four years.
President Sergio Mattarella of Italy addresses members of the ECB Governing Council.
More photos are available here https://t.co/gguUXMhuT1 pic.twitter.com/r7a7CWGAbO
— European Central Bank (@ecb) October 29, 2025
Years of planning and political delays
The ECB first began exploring a digital euro in 2020 and officially entered the preparation stage in late 2023. However, progress has been slowed by sharp divisions among EU lawmakers, banks, and citizens, many of whom have voiced privacy and surveillance concerns.
Despite the European Parliament reviewing draft legislation since 2023, the process has been delayed by political disagreements and the 2024 elections. ECB Executive Board member Piero Cipolloni earlier suggested that lawmakers might reach consensus by May 2026, clearing the path for a 2029 rollout.
Cipolloni emphasized that the digital euro would ensure “free and universal access to secure digital payments,” even during major disruptions such as wars or cyberattacks.
Global context: CBDCs still in early stages
While over 100 countries are exploring CBDCs, only three — Nigeria, the Bahamas, and Jamaica — have officially launched theirs, according to data from the Atlantic Council. Another 49 nations remain in pilot phases.
The Human Rights Foundation, which launched its own CBDC tracker in 2023, highlighted potential benefits like faster payments and greater financial inclusion. However, it also warned that CBDCs could undermine privacy and increase the risk of state overreach.
In August, Changpeng “CZ” Zhao, founder and former CEO of Binance, dismissed CBDCs as “outdated,” arguing that stablecoins have overtaken them in relevance and adoption.
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