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- European Central bank to prepare Legal framework of digital Euro.
- Testing of Digital Euro to end in 2023.
Amazon is a leading global e-commerce company, and Jeff Bezos owns the firm headquartered in the United States. The European Central Bank collaborated with five companies to open testing of the digital euro.
As per the official announcement from the European Central bank, five giant companies will develop a dummy user interface related to the upcoming digital euro.
The valuable participation of Amazon will help in developing a protocol to manage e-commerce payments. It is unclear whether the company will change its Amazon interface or develop a new separate interface.
Spanish bank CaixaBank and European payments processor Worldline are among five companies collaborating with the European Central bank.
The European payment Initiative and Nexi, a payment protocol, will work together to facilitate an interface for point-of-sale transactions. The European payment Initiative will work on payer-initiated transactions, and Nexi will work on payee-initiated transactions.
Five companies were short-listed among companies expressing keen interest in the European Central bank idea.
The European Central bank underlined that “There are no plans to re-use the prototypes in the subsequent phases of the digital euro project.”
The testing results will be expected to be released in 2023.
Several sources claimed that reports on the legal framework of the digital euro of the European Central bank will be published in 2023.
On Wednesday, 24th August 2022, Bank of Finland Governor Olli Rehn said it is expected that the potential digital euro investigation phase would be finished by October next year. The ECB’s decision to develop a digital euro would depend on the investigation.
President of European Central Bank Christine Lagarde and Executive board member Fabio Panetta recently published a blog post. It consisted of the important objectives that ECB executes from the digital euro would serve. One of the key objectives is that the general public could use digital currency.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
