Christine Lagarde: The digital euro has reached the stage of technical readiness.

The digital euro project has moved from the preparatory phase, which began in November 2023, to the technical readiness phase. The developers will now focus on infrastructure, market interaction, and legislative support, according to European Central Bank (ECB) President Christine Lagarde.

She also stated that the first issue of the digital euro would take place in 2029, provided that the necessary legislation is adopted by the EU in 2026. The ECB also plans to conduct a pilot phase, which would begin in mid-2027.

The digital euro is just one of many planned CBDC (central bank digital currencies). According to the Atlantic Council, more than 130 countries, representing over 98% of global GDP, are currently exploring the possibility of launching a digital currency.

China has made the most progress: the digital yuan is already being tested in over 30 cities and is being used in popular payment apps like WeChat. India has also accelerated testing of its own digital rupee, with regular banks and consumers now participating.

In the United States, progress is slower as officials debate privacy issues and how they will impact the traditional banking system. However, research and pilot testing are ongoing.