ECB discusses digital euro progress and legislative timeline

In an interview conducted by Ricardo Jesus Silva on June 29, 2026, Piero Cipollone, Member of the ECB Executive Board, discussed the progress of the digital euro project.

The European Parliament approved the digital euro last week. Currently, three draft legislations exist: from the European Commission, the Council, and the Parliament. Negotiations among these institutions are expected to conclude by the end of 2026, enabling a decision on issuance.

The ECB aims for the first issuance in 2029, assuming legislation is adopted by the end of 2026. The pilot phase is scheduled for 2027 to test design and gather feedback, with subsequent scaling and development steps.

The digital euro will enhance payment simplicity and security across Europe, allowing use in all member states and supporting offline payments without internet access. It will also reduce costs for banks by eliminating international network fees.

For banks like SIBS, which owns MB WAY, the digital euro will be accessible via existing banking apps, integrating seamlessly with current payment solutions.

The project aims to strengthen Europe’s strategic autonomy by ensuring payment infrastructure under European governance, reducing reliance on non-European systems, especially amid geopolitical tensions.

The digital euro will coexist with stablecoins, providing citizens with a choice to use public money in a digital economy. The legislation will set a ceiling for holdings, with simulations indicating limits between €500 and €3,000, ensuring financial stability even during crises.

Over 50 European banks and payment service providers have applied to participate in the pilot project, reflecting strong sector confidence. The ECB will announce selected applicants soon.