The European Central Bank has selected 36 payment service providers from a pool of more than 50 applicants to participate in its digital euro pilot program.
The announcement, made on Tuesday, marks a significant operational milestone in the ECB’s multi-year project to develop a digital version of the euro for retail use across the euro zone.
The selection process reflects the central bank’s effort to test the technical and operational feasibility of a digital currency while ensuring broad participation from the existing payments ecosystem.
By narrowing the field to 36 providers, the ECB is moving from theoretical design to practical implementation, allowing it to evaluate how a digital euro would function alongside traditional cash and bank deposits.
This development comes amid mixed signals from European financial leaders.
France’s newly appointed central bank governor, Emmanuel Moulin, has publicly endorsed the digital euro, placing him at odds with commercial lenders who have expressed concerns about potential disintermediation.