The post ECB Allocates $730 Million for Offline Payments in Digital Euro Project appeared first on Coinpedia Fintech News
The European Central Bank (ECB) is taking a significant step toward the implementation of a digital euro by allocating a portion of its $1.3 billion contract budget to enable offline payments for the proposed digital currency. The move indicates the ECB’s seriousness about embracing the digital age and competing with private cryptocurrencies.
More than half of the contract budget around $730 million is specifically earmarked for the development of offline payment capabilities. The ECB has issued calls for applications from various providers to offer a range of services including risk management, information security and user applications with the majority of the budget directed towards the crucial aspect of offline payments.
While central banks worldwide are exploring central bank digital currencies (CBDCs), the European Union particularly the 27-nation Eurozone,
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