The European Central Bank (ECB) has announced that it will collaborate with five companies, including Amazon Global, to develop potential digital user interfaces in the euro.
The bank said in a statement last Friday, according to Coin Telegraph, that it chose the big four technology companies (Amazon, fintech company Nixi, Spanish digital bank Caixa Bank, French payments platform Worldline, and the European Payments Initiative) for each focus on developing a case-based prototype. Specific use of the digital euro.
According to the ECB statement, the companies will create front-end prototypes, which will not be used in later stages of the digital currency project.
The European Central Bank selected the five companies based on their specific fulfillment capabilities compared to 50 other developers who responded to the central bank's call in April.
Officials also planned to complete the project in the first quarter of 2023 as part of the two-year investigation phase of the digital euro, expected to end in October 2023.
The European Central Bank is likely to be among the first central banks in advanced economies to issue a digital form of its currency, with officials citing a possible digital currency launch in the middle of the decade.
It is worth noting that the project to issue the digital euro is currently in the investigation phase, which lasts two years, and no official decision has been taken regarding its launch.
The digital euro, or e-euro, would be essentially an electronic version of euro banknotes and coins, a digital wallet that would be safely stored directly in the European Central Bank rather than in a commercial bank, and this would inherently be more secure than keeping deposits in existing banks, which could To go bankrupt, or to keep money that could be lost or stolen.
