The European Central Bank (ECB) is launching an innovation centre to test a digital euro ahead of the end of the preparatory phase
Author: Camomile Shumba | Edited by: Sheldon Reback May 6, 2025, 2:51 PM
The European Central Bank (ECB) has announced the creation of a 70-member innovation centre to test its digital euro project.
Participants include startups, banks and payment services, including global professional services company Accenture, Swiss telecoms company Swisscom, Spanish bank CaixaBank and audit firm KPMG, according to a press release published on Monday. The organizations have agreed to work with the ECB to explore the payment functions and possible applications of a central bank digital currency, according to the press release.
Last year, the ECB called on both small and large merchants, banks and payment service providers to take action. Central bank President Christine Lagarde said the CBDC testing phase, which she calls preparatory, should be completed by October. A decision on whether to launch a digital euro is expected to be made once the legislation comes into force.
Read more: ECB plans to complete digital euro preparation phase in October
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