ECB Executive Board Member: Digital Euro Is About Europe's Payment Sovereignty, Plans to Test Real Transactions in 2027

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

He pointed out that two-thirds of card transactions in the euro area are managed by non-European companies, and the digital euro can 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)