ECB Selects Seven Companies to Develop Digital Euro by 2029
The European Central Bank (ECB) has taken a significant step towards a digital euro. It has chosen seven companies, including Feedzai and Giesecke+Devrient, to develop key components for a possible digital euro by 2029. The selected companies will focus on fraud prevention, secure payment channels, and digital euro infrastructure software.
Among the chosen companies are Feedzai, known for its AI fraud detection capabilities, and Giesecke+Devrient, renowned for its security technologies. The ECB has not explicitly named the other five companies involved in the project.
The ECB and the selected companies will collaborate to design, integrate, and develop a digital euro service platform. This platform will include an alias lookup function, enabling transfers without knowing the recipient's details. Additionally, work is underway to facilitate offline payments, allowing the use of digital euros without internet access.
The ECB's decision comes amidst warnings from its representatives and EU financial regulators about potential threats to regional markets posed by stablecoins. The digital euro concept has been in development since 2021 and is currently in the testing phase. The final launch of the digital euro will depend on the Governing Council's adoption of regulations on the digital euro.
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