ECB Prepares Test of Digital Euro with Banks
The European Central Bank is testing the digital euro with 36 payment providers. The test will start in 2027 and involve banks like Deutsche Bank. The goal is to prepare for the wider release of the digital currency.
The European Central Bank plans to launch a pilot program for the digital euro in 2027. Thirty-six payment service providers, including banks like Deutsche Bank and DZ Bank, will participate. The test will take place in real-world conditions, with Spanish banks and payment companies involved. Portugal will also be part of the initial testing phase, with bank workers using the digital euro in their cafeterias. The Bank of Spain is spending 70 million euros to prepare for the digital euro's launch in 2029.
Summarized from the sources above. Read the originals for the full story.
Highlights
ECB Selects 36 Partners
The European Central Bank has chosen 36 banks to test the digital euro.
Pilot Starts in 2027
A pilot project for the digital euro will begin in 2027.
Banks Will Test System
Selected banks and payment providers will test the new payment system.
Portugal to Test Early
Portugal will be one of the first countries to test the digital euro.
Bank of Spain Prepares
The Bank of Spain is preparing for the digital euro with a tender.
Perspectives
- The ECB is preparing a test for the digital euro.
- The test will involve 36 banks and payment providers.
- The pilot project will start in 2027.
- The goal is to evaluate the digital currency before release.
Sources say the pilot will begin in 2027. Sources: [tagesschau, FAZ, El Mundo, Público, New]
tagesschau, FAZ, El Mundo, Público, New
Sources say the digital euro is expected to be launched in 2029. Sources: [New]
New