ECB engages private companies in testing digital euro innovation platform

According to Finextra, European lawmakers are preparing to make a final decision on the introduction of the digital euro by the end of the year. The platform testing conducted by private financial market participants will help to assess the feasibility of such a move.

Last October, the European Central Bank (ECB) invited non-governmental organizations to partner with the regulator to work on various aspects of the digital euro project. More than 100 applications were received from commercial organizations, fintech companies, startups, and banks.

Those companies now have access to an innovative platform modeling the digital euro ecosystem. Within its framework, the ECB provides tech support and infrastructure to intermediaries to develop digital payment functions and services.

Participants are divided into two work streams, the first of which explores the implementation of digital payments from a technical perspective. The second is a group of forward-looking professionals exploring the options for using the digital euro and its application to social issues, including financial inclusion.

According to Finextra, the findings of their work will be presented later this year.