Regulatory News
Cipollone says digital euro could start in 2029
Piero Cipollone said the ECB sees the digital euro as a complement to cash, with first tests due next year and first payments in less than 12 months.
- Cipollone said the digital euro will complement cash, not replace it.
- The ECB has launched a pilot project and expects first tests next year.
- It selected 36 of nearly 60 applicants for the pilot.
- He said the legislative text should be ready by the end of the year.
Action
Piero Cipollone, a member of the European Central Bank Executive Board, said the digital euro will complement cash. He said the ECB expects the project could be introduced in 2029.
Respondents
Cipollone said the ECB’s work to develop new euro banknotes with different designs and the latest anti-counterfeiting features shows cash will remain. He said the digital euro will offer the same high level of security and no cost to individuals.
He said the ECB launched the pilot project in the summer. He said first tests will start next year and first payments will be made in less than 12 months.
Cipollone said the ECB received nearly 60 applications in May to take part in the pilot next year, including from several Italian banks. He said 36 applicants were selected.
Effective
Cipollone said several legislative debates are under way in Brussels to establish the European legislation needed to begin. He said the legislative text should be ready by the end of the year.
He said the ECB signed agreements in April to establish the technical standards.
Penalty
No penalty was mentioned.
المصدر: ECB,