Amazon will work with the ECB to develop a prototype of the digital euro

The bank’s partners also include financial companies CaixaBank, Worldline, and Nexi

17.09.2022 - 06:45

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What’s new? The European Central Bank (ECB) has named partners to work jointly on the digital euro prototype. According to The Block, they include Amazon, which will be responsible for developing electronic payments as part of the project. Spanish bank CaixaBank will develop online peer-to-peer payments for its mobile app, while French payment service Worldline will be responsible for the offline version of the digital euro. Italian company Nexi will set up point-of-sale payments.

The Block’s material

What else is known about the initiative? The ECB began searching for partners at the end of April and received 54 requests from representatives of national banks and multinational tech companies. The four companies were chosen based on “specific capabilities” that set them apart from other candidates, regulators said.

Training and discussions of the design are due to end in late December 2022. And by 2023, the ECB plans to introduce ready-made prototypes of the digital euro.

In August, the ECB announced the release of a document on crypto regulation. The regulator explained that banks are increasingly considering whether to offer crypto products to their customers, and the ECB’s role is to “ensure they do so safely and soundly.” In this, the ECB works closely with national regulators “to ensure a consistent approach and high standards.”

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