Tuesday 4 October 2022
Home / none / European Central Bank chooses Amazon and 4 other firms to prototype digital euro app

European Central Bank chooses Amazon and 4 other firms to prototype digital euro app

The European Central Bank, or ECB, has announced it will be collaborating with five companies for the development of potential digital euro user interfaces.

In a Friday announcement, the ECB said it had chosen "Big Four" tech company Amazon, fintech firm Nexi, Spanish digital bank CaixaBank, French payments platform Worldline and the European Payments Initiative, or EPI, to each focus on developing a prototype based on specific use cases of the digital euro. According to the central bank, the firms will create front-end prototypes, which will not be used in later phases of the digital currency project.

Source: ECB

The ECB chose the five companies based on their fulfilling “specific capabilities” when compared to 50 other front-end developers that responded to the central bank’s call in April. Officials planned the project to be completed in the first quarter of 2023 as part of a two-year investigation phase into the digital euro, expected to end in October 2023.

Related: Digital euro could come as soon as 2026 — ECB official

As interest in central bank digital currencies seems to be growing globally, ECB officials have been exploring the potential impact of a digital euro on Europe while being vague about if or when the bank could release a CBDC. The central bank commissioned a series of focus groups on digital payment methods in September 2021, which suggested that using digital currency at online and physical stores could be a key feature of a digital euro. An earlier public consultation also suggested that privacy was considered “the most important feature of a digital euro by both citizens and professionals.”

Original Article

About Jude Savage

Check Also

Ethereum Merge spikes block creation with a faster average block time

The Merge upgrade for Ethereum (ETH), which primarily sought to transition the blockchain into a proof-of-stake (PoS) consensus mechanism, has been revealed to have a positive impact on the creation of new Ethereum blocks. The Merge was considered one of the most significant upgrades for Ethereum. As a result of the hype, numerous misconceptions around cheaper gas fees and faster transactions plagued the crypto ecosystem, which was debunked by Cointelegraph. However, some of the evident improvements experienced by the blockchain post-Merge include a steep increase in daily block creation and a substantial decrease in average block time. Ethereum blocks per day. Source: YChartsOn Sept. 15, Ethereum completed The Merge upgrade after successfully transitioning the network to PoS. On the same day, the number of blocks created daily (EBC) shot up by roughly 18% — from approximately 6,000 blocks to 7100 blocks per day. Ethereum average block time (EBT). Source: YChartsComplementing this move..

Leave a Reply

Your email address will not be published. Required fields are marked *