ECB Selects 36 Payment Firms for Digital Euro Pilot - Crypto Economy

The European Central Bank said July 14 that it selected 36 payment service providers from across the euro area to participate in the digital euro pilot. The pilot will test technical functionality, operational processes and user experience, making private-sector payment firms central to the next testing phase.

The selected participants include banks and non-bank service providers with different business models, sizes and geographic coverage. The ECB said the pilot will use a beta version of the digital euro that is functionally and technically close to the model envisioned in draft legislation but will not have legal tender status, keeping testing separate from formal issuance.

The pilot is due to start in the second half of 2027 and run for 12 months at the ECB and 19 national central banks. Selected providers will now work with their national central banks and the ECB on preparations, while the main follow-up is whether beta payments across person-to-person, point-of-sale and e-commerce settings can turn policy design into operational evidence.

Source: European Central Bank.

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