ECB Official: Digital Euro Is About Payment Sovereignty, May Launch as Early as 2029

October 25 - European Central Bank Executive Board member Piero Cipollone said in an interview that the digital euro, planned for pilot testing next year, is expected to give the EU "sovereignty" over payment infrastructure and reduce dependence on third parties outside Europe. He stated that Europe has realized in recent years that key services such as energy and defense cannot rely solely on external sources, and the same applies to payments. He said sovereignty does not mean excluding third parties, but rather having the right to choose and ensuring that payments, a critical service, can also rely on Europe's own strength.

Cipollone said the pilot will involve real transactions conducted by employees of the European Central Bank and national central banks, with 36 market institutions currently participating in preparations, and e-commerce and mobile commerce operators invited to join. According to the plan, if relevant legislation is passed within the year, the ECB Governing Council can make a formal decision on issuance, with real transaction testing expected in 2027 and the digital euro potentially launching as early as 2029. He previously mentioned that about two-thirds of card transactions in the eurozone are dominated by non-European companies, and the digital euro is expected to reduce this dependence.