The European Central Bank plans to launch the digital euro in 2029, and preparations will continue

ChainCatcher news, according to Bloomberg, the European Central Bank will continue to advance the foundational work for the digital euro after the current preparatory phase ends this month, with plans to launch it in four years.

Informed sources revealed that ECB officials will decide to continue the preparatory work at a meeting this week in Florence, Italy. If the legal framework is in place, they plan to issue the digital euro in 2029. Central bank officials initiated a two-year preparatory phase for the project in 2023, hoping that the EU would pass the necessary regulations for the launch of the digital euro during this period. However, national governments and the European Parliament have yet to reach an agreement. The biggest obstacle comes from the European People's Party, where some members prefer to seek private sector alternatives to the ECB's digital solution. However, as policymakers express dissatisfaction with the over-reliance on American companies for retail payments, the pressure to break the deadlock is increasing.