ECB selects Amazon, among others, for digital euro prototype | Money

In addition to the American Amazon, the ECB has selected the Italian bank i’m connectedthe Spanish Caixa Bankthe French payment processor World line and a consortium of banks and payment processors to develop prototypes of the digital euro. A total of 54 organizations have applied for the development of an e-euro.

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When developing prototypes, each party must focus on a specific application of the digital currency. Amazon, for example, focuses on using the digital euro for online purchases. The other companies are investigating the use of the digital euro for cash payments and reciprocal payments.

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The ECB launched a two-year research phase on the digital euro in July last year. After that stage, the central bank decides whether the project should continue. In the research phase, the ECB focuses on issues related to the security and ease of use of a digital currency, but also on the fight against illegal activities such as money laundering.

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When the digital euro arrives, it will take several years. The ECB previously said it would take about five years to develop such a currency. The digital euro would be kept by citizens in a digital wallet and could serve as an alternative to cash. The ECB stresses that it will not become a substitute for cash.

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