ECB: Digital euro will strengthen European banks' competitiveness, officially launched in 2029.

BlockBeats news, October 6: European Central Bank Executive Board member Piero Cipollone stated that the digital euro will help European banks improve their competitiveness.

Cipollone said on Tuesday that the digital euro project is not merely about addressing the current shortcomings in Europe's payment system. He said: "It is also an opportunity to think about the future and provide an innovative platform. New opportunities are constantly emerging, and we want to ensure that European payment service providers are fully capable of seizing these opportunities and building strong competitive advantages."

The European Central Bank plans to officially launch the digital euro in 2029 and will begin a pilot phase next year. The project aims to safeguard Europe's monetary sovereignty. Currently, Europe relies heavily on U.S. payment companies such as Visa and Mastercard, while the continuous development of stablecoins pegged to the U.S. dollar has further intensified the concerns of European policymakers.