Piero Cipollone, a member of the ECB Executive Board, warned that without a digital euro, the risk of fragmentation among payment and tokenization platforms in the EU will increase. The regulator has not yet made a decision on issuance, but aims to complete the legislative process by the end of 2026. If the project moves forward, a 12-month pilot is planned from the second half of 2027, with a potential launch in 2029.

Pan-European solution for everyday payments

According to Cipollone, the ECB is focused on creating a digital euro that will be exchanged between banks and suitable for all types of daily transactions, providing a unified infrastructure for settlements across the EU.

Digital euro as infrastructure, not a replacement for banks

"Our goal is not to take over the role of banks," Cipollone said. He stated that the digital euro would provide banks with the infrastructure needed to compete in the digital era and help expand the reach and use cases of their own solutions.

Project under discussion since 2020, privacy debate continues

The ECB proposed the digital euro in October 2020 as a CBDC to complement cash. Critics are concerned that such a currency could increase oversight and control over EU residents' spending. In September 2025, Cipollone stated that the digital euro would provide all Europeans with a free and universally accepted digital means of payment, even during major disruptions.