The European Central Bank’s Governing Council has decided to proceed to the next phase of the digital euro project after concluding the preparation phase launched in November 2023, shifting the work towards technical readiness for a possible first issuance. The ECB reiterated that a final decision on whether to issue a digital euro, and the timing, will only be taken once EU legislation has been adopted. Work in the new phase will focus on building the technical foundations and initial system set-up, preparing and running pilots, and deepening market engagement to finalise the scheme rulebook and test the system with payment providers, merchants and consumers, alongside continued technical input to EU co-legislators. Preparations will be structured in modules to align with the legislative process and limit financial commitments; development costs are estimated at around EUR 1.3 billion until a first issuance, including around EUR 265 million in external development costs, with annual operating costs projected at about EUR 320 million from 2029. Assuming the Regulation establishing the digital euro is adopted in the course of 2026, the ECB indicated that pilot activity and initial transactions could start as of mid-2027, with the Eurosystem ready for a potential first issuance during 2029.
European Central Bank 2025-10-30
European Central Bank moves the digital euro project into its next phase with a pilot from mid-2027 and potential issuance in 2029
The European Central Bank's Governing Council has advanced the digital euro project to its next phase, focusing on technical readiness and system setup. This phase includes pilot preparations, market engagement, and collaboration with EU co-legislators, with development costs estimated at EUR 1.3 billion. Assuming legislative adoption in 2026, pilot activities could begin by mid-2027, with potential issuance in 2029.