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Digital euro could come into use from 2026

2025-05-18 20:05:22Biznes SHKRUAR NGA REDAKSIA VOX
Digital euro could come into use from 2026
Digital Euro

The European Central Bank hopes to have all the political decisions in place by early next year to issue the digital euro, and then it will take two to three years to launch the currency.

The ECB has been working on a digital version of the euro for years, but progress has been slower than expected, mainly because legislation is still not in place to allow the bank to continue.

The financial turmoil following the election of Donald Trump as US President has increased the urgency, however, as Europe relies on large US firms for most digital payments, a potential financial vulnerability.

"I hope to have done everything by the beginning of next year, very early next year," ECB board member Piero Cipollone told a conference when asked about the timing of the legal framework. "We need legislation in place, and from that, two to three years will be enough to launch the digital euro."

Unlike when they make a card payment by means of cards like Visa or Mastercard, consumers who pay with a digital card will have a direct request to the central bank, and their funds will be similar in function and security to "cash" money.

This would allow customers to make direct payments in both online and offline formats.

Cipollone said a major obstacle is reaching a political agreement by EU member states, but this could be reached before the summer. The work by the European Parliament could take somewhat longer, he added.

When asked if Trump could speed up the process, the head of the French central bank, Francois Villeroy de Galhau, speaking at the same event, said that this increased the ECB's resolve.


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