A pilot of the digital euro involving real transactions is expected to begin in 2027. The currency could become widely available in 2029 if the necessary legislation is adopted in 2026, according to European Central Bank Executive Board member Piero Cipollone.
In an interview with Milano Finanza published on 24 October, Cipollone said a final decision on issuance would be possible only after legislative negotiations had concluded. Thirty-six market participants are involved in preparations for the pilot.
A European alternative to card payment networks
According to Cipollone, dependence on non-European payment systems limits Europe’s control over a service that is essential to its economy. The digital euro is intended to increase competition and help reduce payment charges for smaller merchants, which can pay fees up to four times higher than those charged to large operators.
A limit on balances, not spending
Any holding limit would apply to the amount of digital euros stored in a wallet, not to purchases. If a customer needed more money for a large transaction, the shortfall could automatically be drawn from a linked bank account.
The project also envisages offline payments by bringing devices close together. Cipollone said details of these transactions would remain between the payer and the recipient.
Banks would distribute digital euros
Banks and authorised intermediaries would distribute the currency. People could use their bank’s application or a Eurosystem application. The ECB does not intend to open retail accounts directly for citizens, and cash would remain available alongside the digital euro.
Source: European Central Bank, interview with Piero Cipollone for Milano Finanza, 24 October 2026. Polish original.
