Cypriot presidency prepares for digital euro negotiations

Christodoulos Patsalides, Governor of the Central Bank of Cyprus, stated that the Cypriot presidency is prepared to begin trialogue negotiations for the digital euro later this semester. Speaking at the Eurofi High-Level Seminar, he emphasized the necessity of meeting the target for digital currency implementation by 2029. While the Council of the European Union reached a general agreement on the matter last December, the European Parliament is currently reviewing over 1,400 compromise amendments. These amendments cover critical issues including privacy, governance, legal tender status, and distribution mechanisms. Patsalides noted that the European Central Bank is continuing its preparatory work. He reiterated the Council's view that the digital euro should be a complement to cash, accessible both online and offline, to bolster Europe's strategic autonomy and payment resilience. The Governor expressed confidence that once legislators align their positions, the process will advance rapidly and constructively.