“Payment habits and methods are changing, but the expectations of people and businesses remain the same – the ability to pay safely, conveniently, at any time, whether there is an internet connection or not. The digital euro would meet these expectations by ensuring payments always and in all cases throughout the euro area, both in the electronic space and at points of sale,” said LB Board member Evaldas Ruzgys in a statement.
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According to the statement, digital euros would be distributed through selected banks or other payment institutions. In physical points of sale, it would be possible to pay even without an internet connection, using a smartphone or card.
The digital euro would be an electronic payment instrument available and accepted in all euro area countries.
Its project started in 2021, and the first – research – phase lasted until November 2023. Later, until the end of October 2025, the preparatory phase took place.
The pilot project is planned to start in the second half of 2027, the project would last one year, and the entire Eurosystem, if the necessary legal acts are adopted, should be ready by 2029.
As BNS wrote, the ECB estimates that the total costs of developing the digital euro should not exceed 1.3 billion euros, and from 2029 its usage costs will amount to about 320 million euros per year, these costs will be covered by the Eurosystem.
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