Technology

ECB to spend €1.3bn on preparations for a digital euro

An estimated 130 central banks are considering plans for digital currency with the ECB stressing that while it is moving nearer to introducing one, this is not guaranteed

Christine Lagarde, President of the European Central Bank. The ECB in its call last week said it will spend €1.3 billion across the five contracts development of an app and related-software components. Picture: Getty

The European Central Bank (ECB) has confirmed plans to spend €1.3 billion on contracts relating to the possible introduction of a digital euro, as it continues to prepare for an electronic equivalent to cash.

It has issued five calls for applications to establish framework agreements with potential providers, but stressed it is not ready to commit to launching a digital euro yet.

The ECB in its call last week said it will spend €1.3 billion ...