ECB Says Digital Euro Pilot Will Bring 36 Payment Providers Into 2027 Testing

TL;DR: In a November 5 speech, the European Central Bank said 36 payment service providers have been selected for a planned digital euro pilot in the second half of 2027. The pilot is intended to last 12 months, while legislation and any eventual decision to issue a digital euro remain separate steps. Europe’s digital euro project has moved into a more practical phase of planning, but it is not launching as a public currency today. The European Central Bank has outlined how its coming pilot would involve banks and other payment providers testing the proposed system. In the ECB’s November 5 speech on the future of money, the bank said it had selected 36 payment service providers after receiving more than 50 applications. It expects the pilot to begin in the second half of 2027 and run for a year. What is being tested The ECB describes the pilot as an opportunity to test not just technology but the payments ecosystem around it. Merchants, service providers, central banks and users need to work together if a new form of public digital money is to operate smoothly. A technically successful ledger is not sufficient if consumers cannot pay easily or businesses cannot reconcile receipts. ...