The digital euro research phase began in October 2021 and is expected to be complete in 2023.

The European Central Bank (ECB) has announced a major move towards releasing their official central bank digital currency (CBDC), making affinity with five other companies to accomplish this, Amazon being the most notable.

According to a press release published on September 19th courtesy of FinTech Futures, the ECB selected these five companies out of 54 other applicants to have bring trial and bring their digital Euro to fruition.

And according to a press release published by the ECB on the 16th, these five companies will work on different aspects of this new digital currency, which include:

  • CaixaBank – peer-to-peer (P2P) online payments;
  • Worldline – P2P offline payments;
  • EPI – point of sale (POS) payments initiated by the payer;
  • Nexi – POS payments initiated by the payee;
  • Amazon – e-commerce payments.

The ECB says they were chosen because they not only fulfilled a number of “essential capabilities,” but because they felt these 5 groups ‘best matched the “specific capabilities” required for the assigned use case,’ they wrote.

The aim of this prototyping exercise is to test how well the technology behind a digital euro integrates with prototypes developed by companies. Simulated transactions will be initiated using the front-end prototypes developed by the five companies and processed through the Eurosystem’s interface and back-end infrastructure.

FinTech Futures wrote

The ECB will then publish their findings during this trial run, which is expected to end during the first economic quarter of 2023.

Worldline issues a statement after the news was released, stating,

[We share] a common goal of the ECB and its partners and intends to be an active participant of payment industry evolution by contributing to strategic and potentially transformative projects such as the digital euro.

[CaixaBank] will be developing a mobile application that simulates the steps individuals will need to transfer digital euros to their account and/or transfer digital euros to other individuals.

CaixaBank said in a statement

Nexi Group Chief Strategy and Transformation Officer Roberto Catanzaro said,

We look forward to bringing the best of Nexi’s recognized know-how in the digital payments in general and in merchant solutions in the specific scope, to drive innovation in the European payment landscape.

Cited by Crowdfund Insider, an ECB panel in August in Milan, Italy, stated:

Global stablecoins issued by big tech firms could become dominant and threaten public control over the unit of account (Brunnermeier, James and Landau, 2019). This could inhibit the ability of central banks to conduct monetary policy and act as lender of last resort, and ultimately reduce public welfare. A similar argument can be made for foreign CBDCs.

A digital Euro could increase competition by ensuring universal access to an efficient digital means of payment that is not motivated by profit and by allowing intermediaries to offer services on top (digital euro inside). A digital euro would also improve the euro area’s strategic autonomy by reducing reliance on foreign entities.

Pymnts and Coin Geek both noted that the digital euro research phase began in October 2021 and is expected to be complete in 2023. The WinePress noted some of this early trialing in June of last year.

Not long ago the United States Treasury renewed their calls for the creation of a digital dollar: “US Treasury Renews Calls For A Digital Dollar.”


AUTHOR COMMENTARY

Just as it was explained in yesterday’s report about the US Treasury’s calls for a digital dollar, the masses will willfully accept it – especially once this artificial, planned, and timed crash of the whole economic framework is facilitated. Once the people begin to descend into madness, beg for food, water, clothing, debt forgiveness, and so on; the government and central banks will be happy to oblige. This is how I see this system being implemented. Fear is always a great motivator, and works like a charm every time.

[10] When wisdom entereth into thine heart, and knowledge is pleasant unto thy soul; [11] Discretion shall preserve thee, understanding shall keep thee: [12] To deliver thee from the way of the evil man, from the man that speaketh froward things; [13] Who leave the paths of uprightness, to walk in the ways of darkness; [14] Who rejoice to do evil, and delight in the frowardness of the wicked; [15] Whose ways are crooked, and they froward in their paths:

Proverbs 2:10-15

But you see, now that you know these things, you won’t be taken by surprise, and you can prepare and expect it to happen eventually, not just physically, but mentally, emotionally, monetarily, and spiritually. Most people, including the saved, have zero clue that any of this stuff is coming, and they too, along with the secular world, will readily conform.

[13] Hear, ye that are far off, what I have done; and, ye that are near, acknowledge my might. [14] The sinners in Zion are afraid; fearfulness hath surprised the hypocrites. Who among us shall dwell with the devouring fire? who among us shall dwell with everlasting burnings? [15] He that walketh righteously, and speaketh uprightly; he that despiseth the gain of oppressions, that shaketh his hands from holding of bribes, that stoppeth his ears from hearing of blood, and shutteth his eyes from seeing evil; [16] He shall dwell on high: his place of defence shall be the munitions of rocks: bread shall be given him; his waters shall be sure.

Isaiah 33:13-16

[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).

The WinePress needs your support! If God has laid it on your heart to want to contribute, please prayerfully consider donating to this ministry. If you cannot gift a monetary donation, then please donate your fervent prayers to keep this ministry going! Thank you and may God bless you.

CLICK HERE TO DONATE

71 Comments

  • Very nice info and straight to the point. I don’t know if this is in fact the best place to ask but do you people have any thoughts on where to get some professional writers? Thanks 🙂

  • I was very pleased to find this web-site.I wanted to thanks for your time for this wonderful read!! I definitely enjoying every little bit of it and I have you bookmarked to check out new stuff you blog post.

  • Hi there, i read your blog from time to time and i own a similar one and i was just curious if you get a lot of spam feedback? If so how do you stop it, any plugin or anything you can suggest? I get so much lately it’s driving me crazy so any assistance is very much appreciated.

  • My brother recommended I may like this blog. He was once entirely right. This submit truly made my day. You cann’t imagine simply how a lot time I had spent for this information! Thanks!

  • Hiya, I am really glad I’ve found this info. Nowadays bloggers publish just about gossips and net and this is actually irritating. A good site with exciting content, that is what I need. Thank you for keeping this web site, I will be visiting it. Do you do newsletters? Can’t find it.

  • Wow! This can be one particular of the most helpful blogs We have ever arrive across on this subject. Actually Great. I’m also a specialist in this topic so I can understand your effort.

  • Hello, i read your blog from time to time and i own a similar one and i was just wondering if you get a lot of spam feedback? If so how do you reduce it, any plugin or anything you can recommend? I get so much lately it’s driving me crazy so any assistance is very much appreciated.

  • I together with my buddies were actually reading the good points from your web page and then all of a sudden came up with an awful suspicion I had not thanked the web site owner for those secrets. Those young men ended up happy to study them and have really been having fun with those things. Many thanks for simply being well kind and also for settling on varieties of excellent issues millions of individuals are really desperate to be aware of. Our honest apologies for not saying thanks to you earlier.

  • certainly like your web site but you have to check the spelling on quite a few of your posts. A number of them are rife with spelling issues and I find it very troublesome to tell the truth nevertheless I’ll definitely come back again.

  • You could certainly see your expertise within the work you write. The world hopes for more passionate writers like you who aren’t afraid to say how they believe. All the time follow your heart. “We are near waking when we dream we are dreaming.” by Friedrich von Hardenberg Novalis.

  • What’s Happening i’m new to this, I stumbled upon this I have found It positively helpful and it has helped me out loads. I am hoping to give a contribution & help other customers like its aided me. Good job.

  • I have not checked in here for a while as I thought it was getting boring, but the last few posts are great quality so I guess I’ll add you back to my everyday bloglist. You deserve it my friend 🙂

Leave a Comment