The European Central Bank (ECB) Lays Out €1.2 Billion Plan for Development of Digital Euro

The European Central Bank (ECB) has announced plans to allocate €1.2 billion to private-sector partners for the development of a digital euro. The ECB will seek partners for five initiatives, including developing offline payments and risk and fraud management. The move is part of the ECB’s efforts to advance the digital euro project, with contracts expected to cover various aspects, from app development to offline payment solutions. ECB President Christine Lagarde had previously stated that the development of a central bank digital currency (CBDC) would take two years.(Source: Dlnews)