The European Central Bank has established an innovation hub, comprising 70 participants, to pilot its digital euro initiative. Participants encompass a broad spectrum of entities, including start-ups, banks, and payment services, such as Accenture, Swisscom, CaixaBank, and KPMG.
These companies have collaborated with the ECB to delve into the payment functionalities and potential applications of the central bank digital currency, as outlined in a recent statement. The ECB had previously extended an invitation to merchants and financial institutions of all sizes to partake in the project.
According to ECB President Christine Lagarde, the testing phase, referred to as the preparation phase, is slated to conclude by October, with a decision on the issuance of a digital euro expected to follow the enactment of relevant legislation.