Cipollone targets 2029 digital euro launch as pilot nears
European Central Bank Executive Board member Piero Cipollone confirmed that the digital euro could launch in 2029, with initial payment tests beginning within twelve months. In an interview with Corriere della Sera, he noted that 36 pilot participants have already been selected.
Thirty-six partners enter the testing phase
The digital euro project is moving toward a targeted 2029 rollout, with live tests scheduled within 12 months.
Following the pilot launch in summer 2026, practical payments will begin next year.
In April, technical standards were finalized, and in May the European Central Bank (ECB) selected 36 participants from nearly 60 applications across Europe.
European Union legislation is expected by year-end.
Cipollone emphasized that the asset will not replace physical currency: “The digital euro will complement cash, offering the same high level of security and, let me stress, at no cost to individuals, just like cash today.”
The system will also provide physical cards for offline transactions without power or internet access.
Halving fees and cutting foreign reliance
Geopolitical pressures and merchant costs drive the project forward.
The war in Ukraine highlighted European strategic dependencies, reinforcing the need to avoid reliance on foreign payment operators.
In Italy alone, 570,000 merchants employing nearly two million people face high, opaque card fees.
A public digital euro could halve payment acceptance costs for small retailers while connecting domestic providers like Bancomat and Satispay cross-border, backed by Eurobarometer data showing over 80 percent public trust in the euro.
Sovereignty cannot mandate consumer adoption
Establishing European payment sovereignty is a justifiable hedge against external geopolitical leverage.
However, halving merchant transaction fees will matter little if consumers see no compelling daily incentive to switch from entrenched private payment rails.
Technical readiness alone cannot guarantee widespread public adoption.