Central bank project page
European Central Bank digital euro project
AI summary
The project remains in preparation; no issuance decision has been taken.
Intermediaries are expected to play a central distribution role.
Who this applies to: Payment institutions and banks, wallet providers, stablecoin projects, and policy research teams
Implementation status: Central bank project page
- Separate the preparation phase from an issuance decision.
- Track the intended role of intermediaries in distribution.
- Factor progress into medium-term payment strategy.
Contents
Digital euro
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The digital euro would be a digital form of cash, issued by the central bank and available to everyone in the euro area.
We are working with the national central banks of the euro area to look into the possible issuance of the digital euro. It would be a central bank digital currency, an electronic equivalent to cash. And it would complement banknotes and coins, giving people an additional choice about how to pay.
Imagine the digital euro
Central bank money in digital form, available for electronic payments in shops, online or from person to person. Explore how it could work.
Latest news on the digital euro project
In July 2026, we published a new draft version of the digital euro rulebook – version 0.91. This latest version incorporates feedback gathered during a large-scale market consultation carried out by the ECB and the Rulebook Development Group between June and October 2025.
In October 2025, the ECB’s Governing Council decided that the Eurosystem will move to the next phase of the digital euro project.
What you need to know
The digital euro would be an electronic means of payment available free of charge for anyone to use. Like cash today, you could use it anywhere in the euro area, and it would be secure and private. In our increasingly digitalised society, the digital euro would be the next step forward for our single currency.
Currently, there is no European digital payment option that covers the entire euro area, and 13 out of 20 countries are reliant on international card schemes for card payments. The digital euro would be a European electronic means of payment accessible and accepted in all euro area countries.
The digital euro would be stored in an account set up with your bank or with a public intermediary. You could pay in digital euro either online or offline, with your phone or a card. This means you could pay in a shop or on a website, or send money to friends – anytime, and anywhere.
We aim to be ready for a potential first issuance of the digital euro during 2029, assuming the necessary EU legislation is adopted in the course of 2026.
Confused by all the claims about the digital euro? This page sets out the facts in plain language – covering what the digital euro means for your privacy and your freedom of choice, as well as practical aspects like where you would get it and how it would work.
How would the digital euro help me? How would the digital euro be different from stablecoins and crypto-assets? Would the digital euro guarantee user privacy? Would the digital euro replace cash? Check out the answers to common questions here.
The digital euro in relation to...
... privacy
The digital euro would offer people and businesses in the euro area a payment solution with the highest privacy standards. The ECB and the Eurosystem would not be able to identify who you are or what you are buying from the payment data we get.
… crypto-assets
Crypto-assets are not backed or managed by any central institution. There is no guarantee that you can exchange them for cash when you need to. As the digital euro would be backed by a central bank, it would not be a crypto-asset. Central banks have a mandate to maintain the value of money, whether it is physical or digital.
… banks’ investment costs
Implementing the digital euro would cost banks an estimated €4 billion to €5.8 billion. This is significantly lower than previous industry estimates, as it reflects the potential for banks to share infrastructure and leverage synergies.
… financial stability
The digital euro is being designed for everyday use. An ECB analysis shows that the use of the digital euro for day-to-day payments would not harm financial stability – even under a highly unlikely and extreme crisis scenario worse than any real crisis during the first 25 years of the euro.
…private solutions
The digital euro is intended to complement cash and existing private sector solutions. By engaging with market stakeholders (payment service providers, merchants and consumers), we’re ensuring it will fit smoothly into the existing payments ecosystem and work well with what’s already in place.
The ECB Podcast
Like cash, but digital: the facts behind the digital euro
What is the digital euro, and how would it work? Don’t we already pay digitally? We separate fact from fiction as Stefania Secola teams up with Aidas Palubinskas from EU Finance podcast to speak to Executive Board member Piero Cipollone about modernising our money.
The digital euro, demystified
We are preparing for the possibility of issuing the digital euro. This is fuelling a lot of interest − and misconceptions – despite the fact that no decision has yet been taken. Our host Stefania Secola and digital euro project head Evelien Witlox debunk some myths.
The digital euro: what, why, when? (parts 1 and 2)
Do we need the digital euro, and why? What might it look like? And how would it differ from other means of payment? Our host Katie Ranger puts these questions to digital euro expert Evelien Witlox.
Join the digital euro project!
We are looking for new colleagues to help build the digital euro, focusing on technical readiness, market engagement, and supporting the legislative process.
Dive deeper
Extensive cooperation with a broad range of stakeholders, including market participants, legislators, public authorities and European citizens, will ensure that the digital euro meets users’ needs.
The digital euro project is supported by extensive documentation and detailed analyses of the work taking place, and the insights which have informed it. Use our dedicated documents and research page to read up on topics that interest you.
Ensuring transparency and accountability
We are committed to maintaining transparency and accountability in the digital euro project. We support the legislative process by providing technical input. ECB Executive Board member Piero Cipollone also regularly updates the European Parliament’s Committee on Economic and Monetary Affairs.
LATEST PUBLICATIONS ON THE DIGITAL EURO
FIND THEM HERE
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Official English source text captured for the public library.