ECB Launches Innovation Hub for Digital Euro Testing

The European Central Bank (ECB) has unveiled a collaborative hub, uniting over 70 institutions, to rigorously test its upcoming digital euro project. This innovative initiative brings together industry giants like Accenture, Swisscom, CaixaBank, KPMG, and numerous startups, banks, and payment service providers. The center’s focus is on exploring the digital euro’s practical applications for payments, aiming to delve into diverse use cases. The ECB anticipates completing its preparatory phase by October 2025, with official issuance contingent upon progress in EU legislation.