ECB Seeks Partners for Digital Euro Development
The European Central Bank recently engaged in discussions with Members of the European Parliament regarding their pursuit of potential partners for the development of a digital euro platform and accompanying infrastructure.
In January, the ECB initiated a call for proposals from vendors interested in supplying components and services for a potential digital euro project, with contracts potentially exceeding EUR1 billion.
During a session with a European Parliament committee, ECB board member Piero Cipollone clarified that the bank is not currently commencing development activities. Instead, they are establishing “framework agreements” to pave the way for potential development in the future, contingent upon a decision to proceed with the digital euro.
Cipollone stressed the importance of being prepared for such an undertaking, noting that delaying the search for potential partners until after a decision is made could jeopardize readiness.
However, he assured MEPs that the ECB’s actions do not commit them to any specific path; the agreements will remain adaptable to changes in legislation or advancements in technology. Should the decision be made against launching a digital euro, no contracts will be finalized.
Nonetheless, closer collaboration with platform suppliers is considered essential groundwork for advancing the project, particularly for components not currently available on the market, such as offline digital euro functionality.
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To ensure the project’s alignment with EU interests, the ECB has specified that only legal entities with registered offices in the EU and under EU control are eligible to participate in the procurement process.
Cipollone emphasized the significance of a European infrastructure in enhancing autonomy, resilience, and security, underscoring the reliance of a digital euro on such infrastructure.
The ECB intends to make the results of the public tender process available on its official website.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
