Is Ireland Ready for a Digital Euro? How CBDCs Could Reshape Ireland’s Financial System

The European Central Bank’s progress toward a digital euro has placed increased focus on member states’ readiness, and Ireland is emerging as one to watch. Ireland combines a tech-forward financial sector with proactive regulatory efforts and strong digital payment adoption.

The Central Bank of Ireland has aligned with the European Central Bank’s two-year preparation phase, launched in late 2023, by actively contributing to policy development, legal frameworks, and privacy standards. Efforts include ensuring the digital euro complements rather than replaces cash, supporting offline functionality to preserve anonymity, and engaging stakeholders through a dedicated Digital Euro Project Team. These steps reflect Ireland’s commitment not only to readiness but also to leadership in shaping the eurozone’s digital future.

Beyond consumer interest and institutional groundwork, several key indicators underline Ireland’s readiness for a digital euro.

High Consumer Receptiveness: Ireland continues to rank among the EU’s most digitally engaged markets, with nearly 24% of Irish consumers indicating they would use a digital euro as soon as it becomes available. The appeal is largely focused on widespread digital shopping habits and the growing adoption of digital wallets. Crucially, trust in regulated providers plays a defining role. A recent study reveals that 55% of Europeans trust banks to handle their digital euro transaction data, in stark contrast to just 5% who trust tech companies. This trust advantage positions Ireland’s regulated financial institutions as key enablers of early adoption.

Regulatory and Infrastructure Preparation: In line with the ECB’s two-year preparation phase, the Central Bank of Ireland is actively developing the legal and operational frameworks necessary to support CBDC implementation. This includes aligning with EU-wide efforts on monetary policy integration and introducing strong consumer protection safeguards, such as fee-free usage, wallet holding limits, and automated waterfall mechanisms to avoid disintermediation. A central principle underpinning Ireland’s regulatory stance is ensuring that the digital euro complements rather than replaces cash, preserving payment choice and accessibility for all citizens.

Public-Private Collaboration: Ireland’s approach to CBDC readiness is underpinned by strategic engagement between the public and private sectors. Ireland’s fintech ecosystem is actively collaborating with regulatory bodies through structured forums, such as Banking & Payments Federation Ireland (BPFI) working groups and CBDC workshops, to address merchant readiness, technical integration, and user experience design. Ireland’s blueprint closely aligns with the Eurosystem’s broader goals of leveraging cross-sector expertise to ensure that the digital euro is secure, interoperable, and scalable across markets. This collaborative model is critical to ensuring both technical viability and widespread commercial adoption.

As the digital euro moves from theory to reality, Ireland is stepping into a leadership role in shaping how CBDCs will function, not just in Ireland but across Europe.

To hear more from regulators, banks, and innovators leading this transformation, join us at the NextGen Payments & RegTech Forum on 19 June 2025 at the Conrad Hotel in Dublin, Ireland.

Explore the future of digital payments, CBDCs, crypto regulation, and embedded finance from 50+ top organisations, including Mastercard, Citi, Revolut, Banking & Payments Federation Ireland (BPFI), Square, Kraken, Paysafe, EPI Company, TransferMate, Alipay+, OFX, CurrencyFair, Deloitte, Intesa Sanpaolo, MUFG, Fnality, Phorest, CORE, Payall, ComplyRadar, Vivox AI, ArriTech, Payally, U.S. Bank Europe, Fexco, and many more!

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By: Zinah Abdaki, Head of Marketing at QUBE Events