Sun. Oct 2nd, 2022

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

5 companies to perform “specific capabilities”

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

There are different online simulators to calculate mortgage payments.

For example, Amazon will handle 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 offline peer-to-peer payments; 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 explained by the ECB, its purpose is “to test the integration of digital euro technology 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.

The time it takes to create cryptocurrencies depends on the equipment we use.

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 your 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.