EddieJayonCrypto
11 Jan 24
The European Central Bank is seeking contractors to enable offline payments for a potential digital euro, with over half of a $1.3 billion budget allocated for this purpose. The ECB's interest in developing a digital euro reflects a broader trend among global economies, with the European Union in pa...
The European Central Bank (ECB) is seeking contractors to enable offline payments for a potential digital euro, with over half of a $1.3 billion budget allocated for this purpose. The ECB's interest in developing a digital euro reflects a broader trend among global economies, with the European Union in particular showing interest in preparing for a central bank digital currency. The calls for providers indicate a potential commitment to delivering a digital euro, with plans to allocate significant funds to build the platform. However, the selection of providers and the approval of legislation remain open questions as the ECB moves its digital euro project to a "preparation phase."
Last week, the ECB sent out five calls for applications looking for providers to build out services around a potential digital euro. More than half of the $1.3 billion contract budget is earmarked for offline payments development. This budget demonstrates the seriousness of the ECB's intent and the need for expertise from vendors to enable offline payments, which is a critical hurdle to overcome when implementing central bank digital currencies. The selection of providers and the approval of legislation remain open questions as the ECB moves its digital euro project to a "preparation phase," with no guaranteed approval for the issuance of a euro despite moving towards finalizing a rulebook and selecting providers to build the platform.
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