Cipollone targets 2027 digital euro pilot ahead of possible 2029 use
Piero Cipollone said the European Central Bank (ECB) will pilot the digital euro in 2027, with rollout possible in 2029 if legislation passes in 2026. Roberto Sommella conducted the Milano Finanza interview on October 21, 2026; it was published on October 24.
Payment dependence meets public money
Italy's online payments rose from 6 percent of total payments in 2019 to 24 percent in 2024, Cipollone said.
Two thirds of online card payments use non-European schemes, leaving Europe dependent on infrastructure outside its control.
Small merchants pay fees up to four times those of large operators; a digital euro would add competition and statutory cost caps.
Preparations involve 36 market operators, including seven Italian firms.
The pilot will use real transactions by ECB and national central bank staff.
Wallet holding limits would protect financial stability, but payments would remain unlimited through linked bank accounts.
Offline transfers would work without internet access, keeping transaction details between payer and payee.
European rails for private services
Banks and authorised intermediaries would distribute digital euros through bank apps or a Eurosystem app; the ECB would not open personal accounts.
European providers would build the infrastructure, with encryption, segregated data and regional redundancy.
More than 70 operators explored services including digital receipts and payment upon delivery.
Cipollone also urged capital market integration: Pontes went live on September 21, 2026, enabling central bank money settlement of distributed-ledger transactions, while Appia targets an integrated European financial ecosystem.
Legislation remains the gatekeeper
The timetable remains conditional, not an issuance decision.
Cipollone said the Governing Council can decide only after Brussels completes legislative negotiations, allowing technical rules and industry adaptation to follow.
He presented the digital euro as a complement to cash and banks, not a replacement.
Source: Piero Cipollone: Interview with Milano Finanza
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