ECB says digital euro will give Europe control over its payment systems

The European Central Bank has renewed its push for a digital euro as a way to reduce Europe’s dependence on foreign payment providers, with a pilot scheduled for 2027 and a possible rollout in 2029. Summary ECB official Piero Cipollone said the digital euro could give Europe more control over its payment infrastructure and reduce dependence on foreign providers. The ECB plans to begin a digital euro pilot in 2027, with 36 payment providers involved in preparations and a possible public rollout in 2029. Cipollone said two thirds of online card payments in Italy rely on non European card schemes, while smaller merchants can face much higher processing fees. The proposed digital euro would support offline payments and include wallet holding limits, while allowing users to spend more through linked bank accounts. The ECB can only make a final decision on issuing the digital euro after European lawmakers approve the necessary legislation. In an October 24 interview with Italian financial newspaper Milano Finanza, ECB Executive Board member Piero Cipollone said Europe needs its own payment infrastructure to ensure that essential financial services can continue operating without relying e...