Nicosia, Cyprus. The digital euro will support offline transactions, physical cards for people who do not use smart devices and a full rollout by 2030, according to Central Bank of Cyprus payments director Stelios Georgakis. He said the new system will be an additional payment option and the digital equivalent of banknotes and coins already in circulation.
Voluntary and free to use
Speaking to the Cyprus News Agency, Georgakis said the digital euro will not replace cash, with banknotes and coins continuing to circulate alongside it. He said its use will be entirely voluntary and that all related services will be free of charge.
Fixed value and holding limits
Georgakis said the exchange rate will remain fixed, with one euro always equal to one digital euro. He added that limits will be placed on the amount citizens can hold in digital euros because the system is not intended to function as a savings vehicle.
Launch timeline and intended uses
He said a soft launch is planned for 2029, with the full version expected in 2030. According to Georgakis, the digital euro reflects increasing digitalisation in daily life and the growing preference for online transactions.
Payment options
Georgakis said the digital euro could be used for person-to-person transfers, similar to existing services such as Revolut or Quick Pay. He added that it will also be available for in-store purchases through mobile devices and for online payments, including transactions with the government.
