ECB Appointing Five Companies To Develop Digital Euro Interface Protocols

The ECB has announced it will collaborate with five companies. (photo: Twitter @ecb)

JAKARTA - The Central Bank of Europe (ECB) has announced that it will collaborate with five companies to develop a potential digital euro user interface.

In Friday's announcement, September 16, the ECB said it had selected the "Four Big" technology company Amazon, fintech company Nexi, Spanish digital bank CaixaBank, French payment platform Worldline and the European Payments Initiative, or EPI.

Reported by Cointelegraph, they focus on developing prototypes based on cases of special use of digital euros. According to the central bank, the company will make a front-end prototype, which will not be used in the next phase of the digital currency project.

The ECB selected five companies based on their "specific capabilities" that met when compared to 50 other front-end developers who responded to central bank calls in April.

Officials are planning the project to be completed in the first quarter of 2023 as part of a two-year investigation phase into a digital euro, which is expected to expire in October 2023.

Since interest in central bank digital currencies appears to be growing globally, ECB officials have explored the potential impact of digital euros in Europe while it is unclear whether or when banks could release CBDCs.

The central bank commissioned a series of groups to focus on digital payment methods in September 2021, suggesting that using digital currencies in online and physical stores could be a major feature for digital euros.

Previous public consultations also suggested that privacy is considered "the most important feature of digital euros by citizens and professionals."