Europe and Russia Advance Digital Currency Development as US CBDC Ban Takes Effect Until 2031

Europe is advancing the digital euro toward a 2029 launch through legislative approvals, ECB pilot programs, and growing private-sector participation.

The European Union and Russia are advancing their respective digital currency programs — the digital euro and the digital ruble — while the US CBDC ban now prohibits domestic development until at least 2031. China's digital yuan has processed approximately $2.37 trillion in transactions and is being used to bypass Western payment rails via the M-Bridge settlement network.