ECB Says Digital Euro to Boost European Banks’ Competitiveness, Targets 2029 Launch
Summary
- The European Central Bank (ECB) said the digital euro would help strengthen the competitiveness of European banks and payment providers.
- An ECB Executive Board member said the digital euro would address shortcomings in Europe’s payments system and offer a platform for innovation.
- The ECB said it plans to begin a digital euro pilot next year and officially launch it in 2029, with the goal of strengthening Europe’s monetary sovereignty.
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The European Central Bank said the digital euro would help strengthen the competitiveness of European banks and payment providers.
BlockBeats reported on October 6 that ECB Executive Board member Piero Cipollone said the project would do more than address shortcomings in Europe’s current payments system. It would also offer an opportunity to think ahead and provide a platform for innovation.
“New opportunities continue to emerge,” he said, adding that the goal is to ensure European payment service providers are fully equipped to seize them and build a strong competitive advantage.
The ECB plans to begin pilot operations for the digital euro next year and officially launch it in 2029.
The digital euro project is also aimed at strengthening Europe’s monetary sovereignty. Europe remains heavily reliant on US payment companies such as Visa and Mastercard, while the growth of dollar-pegged stablecoins is seen as heightening concerns among European policymakers.
