The European Central Bank (ECB) plans to launch its digital euro by 2029 if legal framework implementation proceeds successfully. The ECB’s official preparation phase concludes this month, and further groundwork will continue following that, according to sources familiar with the matter reported by Bloomberg. While initial preparations began in late 2023, the focus shifts to a potential agreement on a legal framework expected at this week’s meeting in Italy. Lawmakers are still divided over whether a CBDC is beneficial, with concerns about privacy and security. The digital euro project has faced resistance from various stakeholders including banks, lawmakers, member states, and end-users, primarily due to concerns about data protection and other potential risks. Legislation on the digital euro has been before the European Parliament since 2023 and faced delays in part due to political factors and upcoming elections. ECB member Piero Cipolloni previously estimated that a digital euro could launch as early as mid-2029, while predicting an agreement by May 2026 from the European Parliament. The digital euro, according to Cipolloni, would provide universal access to free digital payment methods even in times of crisis such as war or cyberattacks. Meanwhile, only three CBDCs have officially launched since the start of the pilot program, according to the Atlantic Council’s CBDC tracker. The list also highlights Nigeria, the Bahamas and Jamaica as the first adopters, while 49 other countries are currently in the testing phase. The Human Rights Foundation’s CBDC Tracker offers a more nuanced view, highlighting potential benefits such as increased efficiency and financial inclusion, alongside concerns about privacy infringement and potential for government corruption.