ECB launches Pontes, digital euro for consumers still not in sight

The European Central Bank (ECB) has launched Pontes this week, a new system for transactions with digital versions of assets such as bonds. This system is intended for the professional financial market and allows banks to trade digital bonds and settle payments with central bank money. Pontes connects digital trading platforms to existing payment systems of the ECB, but the digital euro for consumers is a separate project that is still under development. The ECB has indicated that the digital euro will not operate on a blockchain or distributed ledger technology (DLT), but on a central settlement platform. A trial with a beta version of the digital euro for consumers is expected to begin in the second half of 2027, with a possible issuance in 2029, depending on European legislation. Critics point out that the claim that the euro will be on the blockchain is misleading, as the current plans do not include a blockchain for the digital euro for consumers.

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