In addition to the US Amazon, the European Central Bank chose the Italian Bank NexicSpanish CaixaBankFrench Payment Processor world line and a consortium of banks and payment processors to develop prototypes for the digital euro. A total of 54 organizations submitted applications to develop the e-Euro.
When developing prototypes, each party should focus on a specific application of the digital currency. Amazon, for example, is focusing on using the digital euro when shopping online. Other companies are investigating the use of the digital euro when paying at the cash register and reciprocal payments.
The European Central Bank began a two-year research phase on the digital euro in July last year. After this stage, the central bank decides whether the project should continue. In the research phase, the European Central Bank focuses on issues related to the security and ease of use of the digital currency, but also on combating illegal activities such as money laundering.
When the digital euro comes, it will take several years. The European Central Bank previously said that it would take about five years to develop such a currency. Citizens will keep the digital euro in a digital wallet and it can serve as an alternative to cash. The European Central Bank asserts that it will not become a substitute for cash.
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