Overview
- The ECB Governing Council advanced the project to its next and final preparation phase focused on technical readiness, market engagement and support for lawmakers.
- The bank says a pilot with initial transactions could start in mid-2027, with the Eurosystem prepared for a potential first issuance in 2029.
- Progress depends on the European Parliament, Council and Commission approving an enabling legal framework, with governments seeking a say on issuance decisions and holding limits.
- European leaders have pressed for faster work, and the ECB pegs development costs at about €1.3 billion with ongoing operating costs near €320 million per year.
- Political and public resistance continues, including a draft proposal to make the CBDC only a fallback if private payments fail to unify the market and privacy objections from crypto users.