The EU to Launch Digital Euro by 2026

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The European Union plans to launch a digital euro by 2026, while the pilot regime began in 2023, according to ECB spokesperson Fabio Panetta.

Brussels aims to test the digital currency’s effectiveness and its impact on the country’s financial system.

ECB official Piero Cipollone recently stated that the digital euro will only be used for retail payments and cannot be used for savings or investment purposes.

The ECB will also strive to support the banking sector, which is concerned that the introduction of a central bank digital currency (CBDC) may lead to a decrease in deposits as more funds are transferred to the blockchain-based digital euro.

At this time, the ECB has not considered implementing limits on how much can be stored in digital wallets.