Digital Euro Rollout Pushed to Late 2020s as ECB Names Key Players
The rollout of the digital euro, initially expected earlier, may now not happen until the late 2020s. The European Central Bank (ECB) has signed framework agreements with several companies to provide core services for this project, with no payments made yet.
The ECB has appointed Almaviva and Fabrick to design the app and software for the digital euro. If approved, it aims to boost payment efficiency and reduce dependence on private stablecoins. However, the final decision on issuance will follow the formal adoption of the Digital Euro Regulation.
The ECB has signed agreements for fraud detection, application development, offline payments, and secure data exchange. Giesecke + Devrient (G+D), along with Nexi and Capgemini, will serve as the primary provider for offline euro to dollar payment functionality. Feedzai and Capgemini Deutschland will manage fraud and risk management. All arrangements are subject to future EU legislation revisions.
The ECB has selected key players for the digital euro project, with Giesecke + Devrient leading offline euro to usd payment functionality and Feedzai managing fraud and risk. The rollout timeline has shifted to the latter part of the decade, pending regulatory approval and potential legislative changes.
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