Starting around 2030, eurozone residents’ wallets may be filled with a new form of money. At its annual conference, the National Bank of Slovakia (NBS) presented a detailed roadmap for preparing for the launch of the digital euro and also addressed the sensitive issue of the growing influence of financial influencers on social media.
How the digital euro will work and when testing will begin
The actual introduction of the new currency will be preceded by thorough practical testing. Pilot testing—for which the European Central Bank has selected 36 payment service providers—is scheduled for fall 2027. Tatra banka will join the project from Slovakia; its representatives have confirmed that they will test four key modes—including mobile payments, peer-to-peer transfers, and transactions in both online and offline environments.
The main parameters of the project that have been announced are:
It is not a replacement for cash: The digital euro is intended solely as an equivalent alternative and a complement to physical banknotes and coins, which will remain in circulation.
Payment privacy: During offline transactions, privacy protections should be configured to closely resemble those of regular cash payments. The central bank will not have access to the private details of ordinary people’s purchases.
Rollout Schedule: Following a one-year pilot test in 2029, a gradual expansion of the user base is expected, with a full-scale launch for the general public tentatively scheduled for around 2030.
Financial influencers under the regulator’s watchful eye
The second key topic of the expert meeting was the regulation of so-called “finfluencers”—that is, social media content creators who offer advice on investments, cryptocurrencies, or savings. Representatives of the National Bank of Ukraine emphasized that the line between a simple exchange of opinions and illegal consulting is very fine.
If an influencer publicly recommends specific financial instruments, their activities may fall under strict rules governing investment recommendations. In the case of personalized advice tailored to specific needs, the law often already requires an official license.
Advertising Transparency Rules
The Media Services Council has also drawn attention to this issue. Its representatives reminded the public that any paid partnerships and commercial collaborations must be clearly and unambiguously labeled on profiles.
Psychology experts noted in this context that followers often fail to distinguish between professional analysis and paid advertising. Therefore, education about the risks of the online environment is crucial not only for the younger generation but also for adults and retirees who make decisions about their savings online.
