ECB selects 36 payment providers for digital euro pilot

NewsBTC reported that the European Central Bank has selected 36 payment service providers for a digital euro pilot. Those providers were chosen from more than 50 applications. Separately, the ECB gave a speech on November 5 on the future of money.

The pilot is planned for the second half of 2027 and would run for 12 months. According to the ECB, it tests the whole payments ecosystem, not only the technology. The ECB describes the digital euro as central bank money, unlike stablecoins, and the distinction from stablecoins is central to how the bank presents the currency.

The ECB also stresses that selecting these providers does not mean general approval to issue the currency. Political negotiations are still ongoing, the bank said.

The ECB's stated target for a potential first issuance is 2029, and that timeline depends on legislation being completed on schedule. Until then, the provider selection marks a pilot step, not a launch.