European Central Bank allocates over $700m to propel offline digital euro development
The European Central Bank (ECB) is allocating over $700 million from its $1.3 billion contract budget for contractors to develop offline payment capabilities for a retail digital euro. In its search for providers offering various services such as risk management, information security, and user application, the ECB disclosed its intention to assign up to 1.2 billion euros ($1.3 billion) to eligible contractors. As approximately 100 global economies contemplate launching a central bank digital currency (CBDC) to transition into the digital era and rival private cryptocurrencies, the European Union, encompassing 27 nations, is notably keen on develop ing its own CBDC. Over the past few years, the ECB has been examining the feasibility of a digital version of the euro, the currency used by around 340 million people in 20 EU nations. In 2023, the bloc’s executive arm proposed legislation for this digital currency, focusing on prohibiting interest and large holdings and ensurin...
