Cyprus is among the euro area countries where the pilot programme for the digital euro will take place, according to an announcement by the European Central Bank.
According to the ECB, the pilot programme will take place at the Bank itself and at 19 Eurosystem national central banks, including in Cyprus, with the aim of testing the functionalities of the digital euro.
The ECB announced that it had selected 36 payment service providers from across the euro area to participate in the pilot programme. The exercise is described as crucial for testing the technical functionality and operational processes of the digital euro, as well as for improving the user experience.
The pilot programme aims to support the ongoing preparatory work for the potential issuance of a digital euro and is expected to start in the second half of 2027, for a period of 12 months.
How the tests will be carried out
The pilot programme will involve staff from the ECB and the participating national central banks, as well as e-commerce merchants and merchants offering everyday services on their premises, such as cafeterias and restaurants.
Staff at the participating central banks will be able to make test payments in digital euro from person to person, both online and offline, as well as from person to business, at physical points of sale and via e-commerce, including mobile payments.
(Source: CNA)
