PANews reported on October 30th, citing Bloomberg, that the European Central Bank (ECB) will continue groundwork for a digital euro after the current preparatory phase concludes this month, with plans to launch it four years later. Sources familiar with the matter revealed that ECB officials will decide at a meeting this week in Florence, Italy, to continue preparations, and if the legal framework is in place, they plan to issue the digital euro in 2029.

Central bank officials launched a two-year preparatory phase for the project in 2023, hoping the EU would pass the necessary regulations for launching a digital euro during this period. However, national governments and the European Parliament have yet to reach an agreement. The biggest obstacle comes from the European People's Party, whose members favor a private sector alternative to the ECB's digital solution. However, pressure to break the deadlock is mounting as policymakers express dissatisfaction with over-reliance on US companies for retail payments.