ECB Chooses Five Firms to Front-end Prototypes of Digital Euro

It was reported on September 16th, the European Central Bank (ECB) announced that it will cooperate with five companies to develop front-end prototypes digital euro app, which will not be used in the later phases of digital euro. These five companies including e-commerce firm Amazon, fintech firm Nexi, Spanish digital bank CaixaBank, French payment platform Worldline, and the European Payments Initiative (EPI), will each focus on one specific use case for the digital euro.

The ECB believes the five companies have specific capabilities. The front-end prototypes is expected to be completed in the first quarter of 2023, and the two-year investigation of digital euro is planned to end in October 2023, then the digital euro could come as soon as 2026.

ECB Officials explored the potential impact of a digital euro on Europe and are ambiguous whether to issue a digital euro, as interest for digital currencies surges around the world. The ECB commissioned a series of groups on digital payment methods in September 2021. Earlier public consultations indicate citizens and professionals are most worry about privacy.

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Translator: OXV News Team
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