ECB Accelerates Digital Euro: Selection Opens for Banks and Firms to Test Future European Electronic Currency
The European Central Bank has taken a new step in the development of the controversial digital euro after announcing a call for applications to select payment service providers to participate in the pilot project for the future European electronic currency.
According to the institution, the testing program will begin in the second half of 2027 and will last approximately 12 months. During this period, a beta version of the digital euro will be used which, according to the ECB, will serve experimental purposes only and will not yet have legal tender status.
Participants in the pilot phase will include employees of the Eurosystem central banks, as well as a selection of merchants located at ECB facilities and national central banks across the eurozone. These will include cafes, restaurants, and e-commerce platforms where person-to-person (P2P) payments, physical store payments, and online transactions—including those via mobile devices—will be tested.