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The European Parliament's approval of its position on the digital euro marks a major milestone for the European Central Bank's proposed digital currency.
UBS stating the project is on track and could launch in 2029.
This vote clears one of the project's major legislative hurdles. Negotiations between the European Parliament, the European Commission, and the Council of the European Union are expected later this year before the ECB decides on issuing the digital currency.
According to the current schedule, a formal decision could be made at the end of 2026 if the legislation is finalized, followed by a pilot phase in 2027 and 2028. Public launch could begin in 2029.
The digital euro is intended to function as a retail central bank digital currency for everyday payments, rather than for savings or investments. It will complement cash, with commercial banks and payment service providers offering digital wallets and customer service, and the ECB managing issuance and settlement.
To limit the impact on bank deposits, individual assets are expected to be capped at around €3,000 and will not earn interest. Any balances above this limit could be automatically transferred to linked bank accounts.
Privacy remains a key feature of the proposal. Online transactions will offer protection similar to existing electronic payments, while offline payments will provide greater privacy, allowing transactions to be made without exchanging data with payment service providers or the Eurosystem.
The note states that the project's focus has expanded beyond payments modernization. Policymakers increasingly view a digital euro as a way to strengthen Europe's strategic autonomy, reduce reliance on foreign payment service providers, and prepare for the growing use of stablecoins and tokenized financial markets. While the rollout is expected to be gradual, economists believe the digital euro will be part of the ECB's broader strategy to modernise retail, wholesale and cross-border payments across the eurozone.