ECB Executive Board Member: Digital Euro Is About Europe's Payment Sovereignty, Real-Transaction Testing Planned for 2027

Odaily reports: European Central Bank (ECB) Executive Board member Piero Cipollone stated that the digital euro is expected to give Europe more "sovereignty" over its payment infrastructure and reduce reliance on non-European third parties. Cipollone said the digital euro is planned to undergo a pilot in 2027, which will use real transactions by staff of the ECB and national central banks. Thirty-six market operators are participating in preparations, including seven Italian operators, and the ECB has also invited e-commerce and mobile commerce operators to take part.

He noted that two-thirds of card transactions in the euro area are handled by non-European companies, and the digital euro could provide payment infrastructure controlled by Europe. The ECB Governing Council must decide on issuance after legislative negotiations in Brussels conclude; if the relevant regulations are passed by the end of this year, launch could come as early as 2029. (Cointelegraph)