The phase of preparation for the future digital euro is entering its final stretch. The European Central Bank (ECB) has just established an innovation hub bringing together 70 participants, from startups to finance giants, to concretely test the use cases of its digital currency.
The breadth and creativity of the proposals underline the potential of the digital euro as a catalyst for financial innovation in Europe, including the development of new solutions that further enhance Europeans’ payment experience and create market opportunities.
Piero Cipollone
Among the actors involved: the consulting firm Accenture, the audit firm KPMG, the Spanish bank CaixaBank, and the operator Swisscom. All have committed to testing the payment functionalities related to the digital euro project. The goal is to explore the technical feasibility, usage scenarios, and concrete impacts on the European payment ecosystem.
The ECB had issued a call to industry players in 2023, targeting both large corporations and independent merchants. With this hub, the institution is setting up a true continental experimentation zone, at the crossroads of traditional finance and its very personal ‘digital innovation’.
Christine Lagarde, President of the ECB, confirmed that the testing phase, called the preparation phase, will conclude by October 2025. However, no final decision will be made until the adoption of a European legislative framework on the subject. The actual issuance of the digital euro will therefore depend on the political green light, expected after the entry into force of the text under discussion in Brussels.
