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ECB selects Amazon and “Big Four” tech firms to develop digital euro app

The European Central Bank, often known as the ECB, recently made an announcement that it would be partnering with five firms on the possible creation of digital user interfaces for the euro. 

An announcement was made on Friday by the European Central Bank (ECB) stating that it had selected the “Big Four” technology company Amazon, the fintech firm Nexi, the Spanish digital bank CaixaBank, the French payments platform Worldline, and the European Payments Initiative, or EPI, to focus on developing a prototype based on specific use cases of the digital euro. The central bank has said that the companies would develop front-end prototypes, but these prototypes will not be used in further rounds of the digital currency initiative.

The European Central Bank (ECB) selected the five businesses because it found that they had “particular skills” that set them apart from the other fifty front-end developers who had replied to the call issued by the central bank in April. As part of a two-year inquiry phase into the digital euro, which was slated to expire in October 2023, officials planned for the project to be finished in the first quarter of 2023.

Digital euro impact on Europe

Digital euro impact on Europe
Digital euro impact on Europe

Officials from the European Central Bank (ECB) have been investigating the potential impact of a digital euro on Europe, but they have been vague about whether or not the bank will issue a CBDC and when it might do so. This comes at a time when interest in digital currencies issued by central banks appears to be growing on a global scale.

In September 2021, the European Central Bank (ECB) commissioned a series of focus groups on digital payment systems. The findings of these groups revealed that the ability to use digital money at both online and physical establishments might be a vital component of a digital euro. The results of a previous public survey revealed, as well, that individuals’ right to privacy was seen as “the most crucial aspect of a digital euro by both people and experts.”

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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