Great news: ECB pushes CBDC launch to 2029

Awesome news for folks in the Eurozone and beyond. The ECB was all set to rush the digital euro out this October. But now we hear they’re pushing it back to 2029, even if they're not framing it that way. Kinda seems like they want us to forget their earlier talk from March about the October launch. The Eurosystem is now taking the next step in the digital euro journey. But for those of us who’ve been following this closely, it’s pretty clear this delay is more like them throwing in the towel. I reckon they picked a four-year delay to see if there’s a change in the US government. A CBDC that only works in the EU doesn’t really add up.

They should stop wasting money on something not that relevant. CBDCs will remain not really relevant as long as it has no new use purposes. All the reasons the digital fiat are existing are the reasons CBDCs want to exist. Am I wrong?

This postponement is an indication that the relevance of that CBDC is overestimated. The EU have been working on this project for five years without any positive headway. I thought it would be launched this month, considering how ECB President Christine Lagarde said that the restrictions placed on CBDC by the US are a golden opportunity for the EU to dominate the Central Bank Digital Currency sector. Is the EU no longer interested in leading the industry? This is a valid observation. The US is a major player in the global economic space. They will be hoping that the anti-crypto Democrats will be in the White House by 2029.

Saying the Digital Euro will come in 2029 means a de facto stopping of the project. Europe will have to abide by the Genius Act, and steer Micar in that direction. Europe will never be relevant in the digital asset space, and the Euro will gradually fade into irrelevance, as it is a strong currency by now.

No, you're not. They just wanted a cryptocurrency that is their own, which is why they came up with the CBDC idea. For an idea like this to work, it needs demand, and for there to be demand, it has to offer what other alternatives do not offer. This is not the case with the CBDC. I think there was a country that launched its own token, and the token was so shit that it just disappeared on its own. I still don't know the difference between a normal Euro and a digital Euro. Is there any function you can do with the digital Euro that you cant do with the euro? How is it different from receiving euros in your bank account and making payments with your card or making transfers with your phone?

I can't remember exact thread one guy was simping on US when I was saying CBDC is a dead project but he was trying to prove what doesn't exist that CBDC is under development and the government hasn't stop it, that it's coming soon. The first time I heard about CBDC was 2021, that was when I actually thought there is going to a government stablecoins, the hype was real that time that I was following Ratimov thread all created about CBDC but along the way everything looks like a flash, it vanish when they need it the most   it's better that they didn't launch it, the only people I pity now are workers that has been for all these years, they are either going to get sack or they get probe because how on earth is that thing not working in the last few years.

Nobody want a CBDC: in the US those are forbid by law, In Europe nobidy want one: Surely the banks do not want one, for fear of being displaced by the ECB,  Europeans do not need that, as they have perfectly functioning digital (private money), european business again do not need that,as they primarily settle international trades in USD. The ECB is the only one willing to deploy a CBDC to stay relevant.

this was a good find by you.  Even if they actually do it one day it will not be 2029 first the right wing pro coin party in the usa would need to lose the 2028 election which would give a shot at an anti coin party coming in 2029 in the USA. Since Europe would not know this result until later 2028 they will not be sending a ton of coders to work on it in 2026 or 2027 or 2028.  So if they start in 2029 it will take 2 years Time which means 2031 maybe it drops into effect.

CBDC is everything else but good. A money which can be turned off at a finger's switch is not good under no circunstantes. Only because of being digital? I live under a grid which oscillates between 105 and 125. Murder for motherboards and other electronic gadgets. One EMP hit and Europeans would have no more money. That does not look very good. EMP: https://www.survivalsullivan.com/will-wont-survive-emp-attack/

Yeah, this smells like damage control. They were literally pushing to October and now all of a sudden 2029? The press conference is for that. Well, you are correct about the US angle as well. A system of payments that ends at the European borders is no more than a costly domestic upgrade. They must be able to interface with dollar systems or it makes no sense, and with the political mess around crypto regulation in the US currently, the ECB is likely in a good position to wait until 2026 and see who writes the rules Four years is a long enough time for the whole landscape to change. At this time, stablecoins may be either completely regulated or prohibited, or so deep-rooted that a CBDC is unnecessary. My guess? Hopefully, they think the problem will correct itself

No you are not wrong and this is what makes it useless. However, the concept wasn't intended to promote financial innovation in the actual digital age as pretended, but mainly aiming to reduce the spread of cryptocurrency use which poses a significant regulatory challenge for the Eurozone. I can't tell why exactly they postponed the lunch to 2029, but it seems they found it better to apply regulatory restrictions on cryptocurrencies rather than creating an alternative they can't handle with.

Postponing launch to 2029, 4 years in the future when everyone is moving at light speed means basically killing the project. They will abide to US regulation, doing the worst possible service to investors, corporates and  general public in a Europe. Like always.

Good. Because the last thing Europeans want is a blatant invasion of their privacy. CBDCs are just part of government's plan to gain more control over your financial life. While the EU is planning to launch its own digital currency, the US drafted a bill to help prevent the FED from launching the "Digital Dollar". If approved, Americans will be able to retain their financial privacy (sort of) for long. You can bet that once the EU launches its own CBDC, it will eventually phase out coins and paper money from circulation (aka cash). I wonder how would the "unbanked" be able to participate in the economy this way? The EU would've been better off using existing solutions (EUR-based stablecoins) than just re-inventing the wheel (by making its own CBDC). I hope their plans never materialize. Otherwise, it would mark the beginning of a full-fledged totalitarian state.

As you may have noticed, there is no single CBDC project has been proven successful til now. All the projects are still concepts under review. The ECB won't jump alone in this new concept that no one can predict its side effects to his financial economy as a whole. They simply had to ignore it or just announce they abandon the project, but they postponed it far in time to wait for what will happen in the future.

Well, I'm pretty sure that several CBDCs have already been launched, but they haven't been successful. The one that comes to mind is Nigeria's e-Naira. From $10 Million Transactions to Zero: What Lessons Can Be Learned from eNaira’s Failure I don't know if any colleagues from Nigeria could give us their particular perspective on the subject, although the linked article is quite detailed.

Did you forget China? They have been rolling out CBDC since 2019 and so far things are going pretty well. According to the news, the project has been moved from the pilot phase to widespread deployment. As of now, they have been deployed in 29 major cities and more than 260 million wallets have been created and can be used for payments in most areas. China's CBDC is considered the most advanced and successful today. Also, based on my research, the ECB is just delaying and they just want things to be more prepared and perfect. They are extremely serious about their digital euro project and see it as a strategic card to counter the US GENIUS Act because they fear it will weaken the euro's position.

With something as fundamental and important as setting up a new currency or quasi-currency in this case, it's reassuring that they are delaying it instead of launching something that is in any way broken. The trouble is that they so readily and easily move back these project launch dates, which shows poor planning or understanding of the challenge from the outset. It is the same as the Eurozone e visa system that went through multiple delays with changing launch dates but has eventually launched now. They could be waiting to see a change of government in the US but that would be a pretty poor strategy when the long term aim is to have a strong, independent CBDC that should not rely on what other countries are doing.

people who welcome CBDC mostly forget that one month later, or a year or 10 they can be made poor on the flick of a button. Poor in the 1st World is more than horrific.

No, it's not that I forgot about China or any other country. In the quote, I didn't say I was going to give a list, it's just that Nigeria was the first country that came to mind, but China is not an example of anything. There's been a lot of progress lately, but I don't like social control one bit. And they're experts at this, so I'm not surprised about the CBDC there. For me, the question is whether the EU wants to be like China in terms of control, because lately it seems that it does, and we should reject this outright. I just don't believe the ECB propaganda rubbish.

Exactly. That's the plan. The Elite will have control over absolutely everything. A great way to make the "New World Order" go full steam ahead. Imagine if the EU launches its own CBDC and enforces implants among its citizens. I'm talking about implants containing the data related to the CBDC wallet (keys/seeds) which can be used to pay at any store (either physically or online). China already has the "palm payment" system. Do a quick search on Google, and you'll see what I mean. It's a crazy world we're living into. With how desperate governments are to gain more power/control, we should expect the worse in the long run. The poor will ultimately be left behind, "dusting" in the corner. That's the way this works. A dark future awaits for all Europeans.