# Digital Euro The **digital euro** is the [[European Central Bank]]'s proposed **retail** central bank digital currency ([[CBDC]]). It would be a digital form of cash, issued by the Eurosystem and usable by ordinary people and businesses. As of October 2026 it **does not exist yet**. It needs EU legislation, which is still in negotiation. It is a different project from [[Pontes]], the ECB's *wholesale* blockchain settlement bridge that went live on September 21, 2026. Pontes serves banks and market infrastructures and has no consumer wallets. ## Where it stands | Date | Step | |---|---| | October 30, 2025 | ECB Governing Council moves the project into its next phase. Assuming legislation passes in 2026, a pilot could start in 2027 and first issuance could come in 2029. ECB cost estimate: about €1.3 billion to develop through first issuance, then about €320 million a year to operate. | | June 23, 2026 | The European Parliament's Economic and Monetary Affairs (ECON) Committee approves the legal framework. | | From July 2026 | Trilogue negotiations among Parliament, Council and Commission; final approval targeted for end of 2026. | | Second half of 2027 | 12-month pilot with selected merchants and payment providers (planned) | | 2029 | Targeted first issuance | **Design points reported from the committee text:** individual holding limits set by the Commission on the ECB's recommendation, to prevent a flight of deposits out of banks; no interest paid; free for basic use; an offline phone-to-phone mode marketed as offering "cash-like privacy." ## Why it's in this vault The digital euro is the live European counterpart to the American anti-[[CBDC]] campaign. The two moved within a day of each other. On **June 22, 2026** the US Senate passed the [[21st Century ROAD to Housing Act]], which bars the [[Federal Reserve]] from issuing a CBDC until December 31, 2030. On **June 23** the European Parliament's ECON committee approved the digital euro framework. The privacy and [[Programmable Money]] concerns behind US opposition are live in the European debate too; the offline "cash-like privacy" mode is the design feature aimed at them. ## See Also - [[CBDC]] — the general term and the conspiracism around it - [[Pontes]] — the wholesale settlement bridge, often confused with this project - [[Appia]] — the ECB's long-term tokenized-finance roadmap - [[European Central Bank]] — the issuer - [[Piero Cipollone]] — the ECB Executive Board member who chairs the digital euro task force