On 24 November 2025 the European Central Bank (ECB) and the Eurosystem, through Cassa Depositi e Prestiti and Executive Board member Piero Cipollone, warned that digitalisation has fragmented euro‑area payment infrastructure, increasing reliance on non‑European providers and raising credit‑risk exposure. They identified tokenisation and distributed ledger technology (DLT) as transformative, but noted that geopolitical tensions could heighten fragmentation risks. The Eurosystem therefore aims to modernise central‑bank money. Key priorities are a digital euro, wholesale settlement via new technologies, and stronger cross‑border links. The ECB is preparing a technical foundation for a digital euro that would be universally available, support offline use, and use open standards. A first issuance is targeted for 2029, pending a 2026 Regulation. Meanwhile the Eurosystem focuses on technical readiness, market engagement, legislative support and user research.
© European Central Bank, 2025.
Summary derived from the ECB website (https://www.ecb.europa.eu ).
https://www.ecb.europa.eu/press/key/date/2025/html/ecb.sp251124~f6335e9c04.en.pdf
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