European Central Bank Establishes Innovation Hub for Digital Euro Testing

According to Odaily, the European Central Bank (ECB) has announced the formation of an innovation center comprising 70 institutions to test its digital euro project. Participants include Accenture, Swiss telecom company Swisscom, Spanish bank CaixaBank, and KPMG, one of the Big Four accounting firms, along with various startups, banks, and payment service providers. The center aims to explore the payment functionalities and application scenarios of the digital euro. The ECB plans to conclude the preparation phase by October 2025, with the official issuance dependent on the progress of EU legislation.