The ECB plans to finalize preparations for the digital euro by October 2025, though its full launch is not expected until 2028 due to legislative and technical challenges. The currency will have two components: a retail version for public use, offering privacy protections and offline functionality, and a wholesale version for interbank settlements. Key goals include reducing reliance on foreign payment systems, fostering innovation, and ensuring financial inclusion. However, there are concerns about risks to commercial banks, such as potential deposit outflows, which the ECB aims to mitigate with holding limits.