ECB Announces 5 Partners To Help Develop CBDC

The European Central Bank (ECB) will work with five firms to create future digital euro user interfaces.

The European Central Bank (ECB) has announced five partners, selected from 54 potential candidates, that will help them develop a CBDC or central bank digital currency.

Specifically, the 5 candidates are:

• Peer-to-peer online payments – CaixaBank;
• Peer-to-peer offline payments – Worldline;
• Point of sale payments initiated by the payer – EPI;
• Point of sale payments initiated by the payee – Nexi;
• E-commerce payments – Amazon.

The ECB started talking to partners by phone at the end of April and received 54 invitations to cooperate from multinational banks and technology companies. They will start deploying the task from here to the end of December, serving a two-year plan, expected to be completed in March 2023.

While still skeptical of cryptocurrencies and openly opposed to Proof-of-Work, DeFi, and stablecoins, the ECB is actively working on a digital euro that is supposed to be more energy-efficient than Bitcoin.

In the latest guidance on the cryptocurrency regulatory framework, US officials claim to be getting closer to testing CBDCs.

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