Summary
- The European Central Bank said the planned 2029 launch of the digital euro could be delayed if the legal foundation is not put in place by year-end.
- ECB Executive Board member Piero Cipollone said negotiations on the single currency package must be completed this year to secure the legal certainty needed for digital euro preparations.
- He also said a delay in launching the digital euro could increase Europe's reliance on foreign payment providers and make innovation harder for European companies.
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The European Central Bank said the digital euro's planned 2029 launch could be delayed unless its legal foundation is put in place by year-end.
Cointelegraph reported on November 10 that ECB Executive Board member Piero Cipollone told the European Parliament's Committee on Economic and Monetary Affairs that negotiations on the "single currency package," which includes legislation related to the digital euro, should be wrapped up this year. Adopting the legislation would provide the legal certainty needed to complete preparations for the digital euro.
Delays in passing the bill could postpone the digital euro's rollout, Cipollone said. He added that any setback could increase Europe's reliance on foreign payment providers and make it harder for European companies to innovate.
The ECB is working toward an initial issuance of the digital euro in 2029, assuming the legislation is adopted this year. The European Parliament is now coordinating the final text of the bill with EU member states and other parties.
A pilot program to test the digital euro's technology will begin in the second half of next year and run for 12 months.
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