ECB Takes Major Step Towards Digital Euro With €79.1M Tech Deals
The European Central Bank (ECB) has taken a significant step towards a digital euro. It has signed agreements worth €79.1 million with seven tech firms to develop core infrastructure for a potential digital currency. The project, aiming to launch by 2029, is led by Giesecke+Devrient (G+D) in cooperation with Nexi and Capgemini.
The ECB's digital euro project aims to enhance fraud detection and prevention in online transactions. Confirmed partners include Feedzai and Giesecke+Devrient, which will lead the development of the Digital Euro Service Platform (DESP). The DESP will feature secure messaging, alias lookup for payments, and offline transaction capabilities.
The ECB has expressed support for banning 'multi-issuance' stablecoins, citing potential financial stability risks. It is fast-tracking its Central Bank Digital Currency (CBDC) to provide a euro-native alternative tailored for institutions, not open networks.
The ECB's digital euro project, with an estimated value of €79.1 million and a potential ceiling of €237.3 million, is set to launch as early as 2029, pending legislative approval. The initiative aims to bolster fraud prevention and provide a secure, institution-focused alternative to private stablecoins.
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