The ECB has provided its clearest blueprint yet for the digital euro--a central bank digital currency (CBDC)--outlining how this new form of central bank money would operate and the safeguards and accessibility measures that will make it usable by all citizens, in all circumstances. Speaking in Brussels on 4 September 2025, Piero Cipollone, a member of the executive board of the ECB, stressed the dual objectives of the initiative: resilience and inclusion. “In an increasingly digital world exposed to new geopolitical and operational risks, we must protect the euro’s availability for all Europeans at all times,” he said.

Building resilience into payments

Europe currently relies heavily on non-EU providers for core digital payments infrastructure. This exposure leaves the bloc vulnerable to cyberattacks, geopolitical tensions and operational disruptions. Cipollone cited incidents such as undersea cable sabotage in the Baltic and Finland and widespread power outages in Spain and Portugal, which left many unable to pay due to a lack of cash.

The digital euro aims to provide a robust, cash-like alternative. Its infrastructure will be distributed across at least three geographically distinct regions, each with multiple servers. In the event of a regional disaster or cyberattack, transactions could be automatically rerouted to maintain continuous operations.

A dedicated ECB fallback app will allow users to switch between payment providers if one service is disrupted. For instance, if a bank’s app goes offline due to a cyberattack, users could still access their funds through the ECB app or switch to another provider. Offline functionality will ensure payments are still possible during network outages or emergencies, such as blackouts or natural disasters.

“The digital euro will ensure that all Europeans can pay at all times with a free, universally accepted digital means of payment, even in case of major disruptions,” Cipollone emphasised.

Cash-like features

The ECB plans for the digital euro to mirror many features of cash. It will be:

– Publicly accessible: A public good available to everyone in the euro area.

– Usable anywhere: Accepted wherever debit or credit card payments are accepted, online or in physical stores.

– Offline-capable: Payments possible without internet or mobile connectivity.

– Privacy: Users’ identities and payment habits cannot be traced by the ECB.

– Secure and flexible: Transactions in shops, online, offline and peer-to-peer; compatible with mobile phones, smartwatches, digital wallets and computers.

– Immutable in value: The digital euro will retain its value and use cannot be restricted.

– Designed for payments: Not intended as an investment or interest-earning instrument.

Inclusion by design

Financial inclusion is central to the ECB’s approach. Cipollone noted that cash has long enabled access for those with limited means or digital literacy, and the digital euro seeks to replicate these benefits. Special accessibility features are planned, including voice commands, large-font displays, and simplified workflows.

The ECB is exploring ways for those without bank accounts or digital devices to participate. Payment cards distributed via public agencies, such as post offices, could be topped up to use the digital euro. Local institutions might also provide in-person support, helping citizens who are digitally excluded.

Banks and other payment providers will integrate digital euro services within existing apps while supporting the ECB’s app, ensuring universal access. Users will also be able to convert digital euro to cash and vice versa at ATMs.

Digital euro accounts, transaction mechanics and holding limit

Citizens can hold digital euro accounts either at a bank or deposit-taking institution or via an ECB-issued app or card. Funding can come from current accounts, cash machines, or public services.

A maximum holding limit will be introduced to prevent excessive accumulation of digital euros. Though not yet confirmed, the limit is widely expected to fall between €2,000 and €4,000. Automatic overflow mechanisms would transfer excess balances to linked accounts or reject transactions if no linked account exists. The digital euro will support online, in-store, offline and peer-to-peer payments, as well as ATM conversions.

Expected rollout

If the European Union’s legislative process gives the green light, the ECB expects the first use cases of the digital euro could come as early as in 2026. The central bank is currently finalising five tender procedures to select providers for the platform and infrastructure, scheduled for completion by the end of 2025. Legislation under discussion would require all payment providers to support the ECB app, ensuring universal access and reinforcing the euro’s role as a reliable means of payment.

“The digital euro, as a public good, would guarantee access for all citizens – no matter where they live, how much they earn or how digitally skilled they are,” Cipollone reiterated, framing the initiative as both a technological innovation and a cornerstone of Europe’s economic security.