Digital euro could launch in 2029 if Irish EU Presidency passes legislation

EU Commissioner for Economy and Productivity Valdis Dombrovskis said the digital euro could be operational by 2029, provided the Irish Presidency of the Council of the EU finalises the required legislation before the end of the year.

Speaking to SiliconRepublic.com at a Research Ireland event on 17 September, Dombrovskis highlighted that the Irish Presidency, which took over on 1 July and runs until 31 December, is aiming to conclude the legislative process this year. He added that the Commission fully supports this timetable, allowing the European Central Bank to begin serious preparations.

The digital euro framework has been under negotiation since the Commission’s proposal in June 2023, with the Council adopting a negotiating mandate in December 2025 and the European Parliament taking a position in July. The first trilogue took place on 13 July, with a further round scheduled for late September.

Dombrovskis assured that strong privacy safeguards will give the digital euro “almost cash‑like privacy,” arguing it would reveal less about spending than current card transactions. He stressed the digital euro is intended to complement, not replace, cash.

He also noted a separate Commission measure to reinforce the legal tender status of cash, ensuring its continued availability. The digital euro, he said, addresses the decline in cash use and reduces Europe’s reliance on foreign card schemes by creating a pan‑euro payment infrastructure, supporting strategic autonomy.

Source: Silicon Republic. Photo: Bastian Riccardi / Pexels.