Noticias

The European Central Bank (ECB) has unveiled a more detailed plan to advance the creation of a digital euro — CBDC, that is, the central bank's currency intended for the eurozone. It follows from the published scheme: the tests will start in 2027 in the second half of the year and will last for a year without pauses. Provided that all legislative steps are implemented within the stated framework, the digital euro may see the light of day in 2029. This chronology was announced by Piero Cipollone, a member of the ECB Executive Board, at the eighth International Conference on Regional Card Schemes and Retail Financial Infrastructures.

The idea of the project is dictated by more than just a technological upgrade of the monetary system. Cipollone emphasized the fragmentation of the eurozone's payment space: in 13 countries, card payment processing in retail stores is in the hands of entities registered outside Europe. For the ECB, this results in a narrowing of independence in making payment decisions. The digital euro is assigned the role of a mechanism designed to weaken such dependence and lay the European foundation for settlements — at the same time, it does not displace cash and should not be a purely technical superstructure over current systems.

Cipollone placed a special emphasis on the legislative track. According to him, negotiations between the European Parliament, the EU Council and the European Commission are underway, and their ultimate goal is to reach preliminary agreements. The discussion is expected to be completed by the end of this year. Whether the target for 2029 will remain or whether the deadlines will require revision depends on this. Cipollone noted that the digital euro is required not only to eliminate the current shortcomings of the payment environment, but also as a platform on which payment services will be further developed, their quality will increase, and available use cases will expand.

The pilot will check not only the software component. Its mission is to link the work of service providers, merchants, central banks, infrastructure operators, and users themselves. 36 service providers have already been selected for the preliminary stage. This is a signal that the ECB is not undertaking an isolated technological experience, but a test of how various players in the payment market interact. This approach is designed to expose practical limitations even before the digital euro is offered to the entire eurozone.

The position of ECB President Christine Lagarde gives a broader context to the project. She had previously allowed the launch of the digital euro in 2028-2029, but linked it to the adoption of regulation before the end of the year. In addition, Lagarde sees the growing popularity of stablecoins as a reason for a response from the digital euro. According to her assessment, the massive use of such tools can undermine the ability of central banks to effectively conduct monetary policy, because stablecoins are outside the traditional fiat system. For the ECB, it is important not only to fight for the user, but also to maintain control over monetary policy in the world of digital payments.