Digital euro could be ready by 2029

The European Central Bank (ECB) revealed a few days ago that the specific timeline for the creation of the digital euro is already underway, with its launch potentially occurring in 2029.

This was stated by Piero Cipollone, member of the Executive Board, who emphasized that the purpose is “to offer an electronic version of the euro, with the aim of facilitating everyday transactions in the Eurozone.”

The official commented that “the European Parliament, the European Council, and the European Commission could have their respective positions ready by May 2026, after which they will begin working together on the legislation.”

The ECB entered the preparation phase for the digital currency at the end of 2023, which combines “technological development with the implementation of legal frameworks throughout the European Union, to ensure compliance with privacy and anti-money laundering regulations.”

In any case, the necessary regulatory framework must first be approved, after which the ECB will establish a period of between two and three years to effectively develop and launch the digital euro.

M.Pino

Source: cripto247

(Reference image source: Masood Aslami on Unsplash)

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