Digital euro

The European Central Bank (ECB) and the euro-area national central banks have been conducting a series of activities since January 2020, including analysis and experimentation, towards the possible introduction of a digital euro. This would be a digital version of cash, issued and guaranteed by the European Central Bank. It would complement rather than replace euro banknotes and coins and be an additional payment option for euro-area citizens.

A digital euro would be the natural evolution of cash in the digital age, just as coins evolved into banknotes. It would be a secure means of payment, available free of charge to those wanting to make digital payments anywhere in the euro area, even without an internet connection or mobile phone services.

The difference between a euro banknote and a digital euro would be comparable to that between a picture in a digital photo frame and a print of it: the format would change but not the content.

A digital euro would not be a crypto-currency, as it would be backed by a central bank, with a stable face value and legal tender status; neither would it be an investment instrument but rather a means of payment for the benefit of the economy and society as a whole.

A digital euro would safeguard the stability of our currency in the digital age.

After successfully completing the first part of the Preparation phase that lasted two years, the digital euro project entered a new phase on November 1st, 2025.

The Eurosystem will now focus on three main workstreams: technical readiness, market engagement, and support for the legislative process.

In this phase, the Eurosystem will implement the necessary technical solutions in preparation for a possible issuance decision, while maintaining the flexibility needed to stay aligned with the legislative process and the decisions that will be made.

Pilot projects, testing initial transactions on a small scale, could begin as early as mid-2027.

The ECB's goal is to be ready for a potential issuance of the digital euro by 2029. In any case, a decision to issue the digital euro will only be taken by the ECB's Governing Council after the necessary legislative framework has been approved.