The European Central Bank (ECB) has launched a digital euro innovation platform, onboarding nearly 70 private sector firms to explore use cases and technical functionalities of the proposed central bank digital currency (CBDC).
As the ECB moves closer to a final decision—expected by year-end—on whether to formally launch the digital euro, it has invited market participants including banks, fintechs, startups, merchants, and payment service providers to test and co-develop solutions in a simulated digital euro ecosystem. The initiative follows a call for innovation partnerships issued last October, which attracted more than 100 applications.
Participants are now grouped into two tracks: “pioneers” and “visionaries.”
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Pioneers are testing how conditional payments could work with a digital euro—automated transactions triggered by pre-set rules—along with use cases for everyday payments.
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Visionaries are exploring how the digital euro could solve societal issues, including financial inclusion. One proposed idea includes allowing citizens to open a digital euro wallet at post offices, ensuring access for people without bank accounts or digital tools.
Piero Cipollone, ECB executive board member, noted:
“The breadth and creativity of the proposals highlights the digital euro’s potential as a catalyst for financial innovation in Europe, including the development of new solutions that further enhance the payment experience for Europeans and create market opportunities.”
Findings from both workstreams will be released later in 2025 as lawmakers finalize their decision on the project’s future.