the ECB chooses its partners, including Amazon and CaixaBank

The European Central Bank (ECB) seems to be willing to make the leap to cryptocurrencies with the help of five external partners who develop “possible digital euro user interfaces”. Among the companies with which they will collaborate, is the main store of e-commerce Amazon and the Spanish financial entity CaixaBank.

5 companies to perform “specific capabilities”

The selected companies they were chosen among the proposals of 54 suppliers which were presented in April this year for the digital euro prototype. Now, the laureates for the ECB they will have different tasks in creating the interfaces depending on their “specific capabilities”.

For example, amazon will take care of payments made on electronic commerce platforms. For its part, CaixaBank will focus on online peer-to-peer payments (P2P, person to person). However, these are not the only brands that the ECB has chosen and all of them play an important role in shaping the project.

Other companies will be Wordline, which will focus on the payments offline ‘peer-to-peer’; and EPI and Nexy, who will work together on payments at points of saledepending on whether they are initiated by the payer or the payee.

The objective of the project

As the ECB explains, its purpose is “to test the integration of technology of a digital euro with prototypes developed by companies”. This means of payment will be an alternative to others and the European body ensures that they are not intended to replace physical coins and bills.

In fact, the ECB has detailed that they do not intend for it to become “an investment instrument”. Despite this, they do not rule out that individuals end up doing it, since it will be impossible to control it as soon as the digital euro begins to circulate.

Along with this proposal, it should be noted that the ECB has been thinking for some time about how it will prevent counterfeits or theft with its digital euro. However, it is estimated that the progress of its development will not be palpable until the project is completed, at the end of 2023.

Sign up for our newsletter and receive the latest technology news in your email.

.

Leave a Comment

Your email address will not be published.