The European Central Bank has officially announced the selection of thirty-six banks and payment companies to conduct a closed pilot project for testing the digital euro. The approved list includes prominent financial organizations such as Deutsche Bank, Revolut, Stripe, UniCredit, Adyen, SumUp, and Worldline. The participants represent various countries and business models, spanning from traditional banking institutions to fintech companies and modern payment infrastructure operators. Large-scale trials are scheduled for the second half of 2027 and will last exactly twelve months. The pilot program will be deployed directly within the European Central Bank, as well as in nineteen national central banks across the eurozone. The first users in this initiative will be employees of the regulatory bodies themselves, while payments during the test will be accepted by specially selected online stores, restaurants, cafes, and other retail outlets.

During the pilot, participants will thoroughly test various scenarios for using the new currency, including peer-to-peer transfers in both online and offline modes, in-store purchases, mobile payments, and internet transactions. The primary goal of the European Central Bank is to carefully verify the reliability and scalability of the system being created, evaluate internal operational processes, and assess the convenience of user interfaces. Some of the involved companies will be responsible for the direct distribution of the central bank digital currency: they will open test accounts and provide users with access to payments through a special Eurosystem application or their own services. Other participants will ensure the technical capability for merchants to accept funds, while some organizations will perform both functions simultaneously. It is important to note that the pilot project will utilize a beta version of the asset, and participants are strictly prohibited from charging users any fees for services related to this testing.

Piero Cipollone, a member of the Executive Board of the European Central Bank, emphasized that the high market interest demonstrates the private sector's readiness to actively participate in the development of the digital euro and the strengthening of the European payment system. Nevertheless, a final decision on the full-scale issuance of the digital currency has not yet been made. The regulator aims to be fully prepared for a potential launch of the digital euro by 2029, with the necessary legislative regulation expected to be adopted in 2026. Following the approval of the legal framework, a separate official decision by the Governing Council of the European Central Bank will be required. The digital currency is intended to become an electronic form of central bank money, organically complementing cash, bank cards, and private payment services. Recall that in June, the relevant committee of the European Parliament already supported the corresponding legislative bill, which provides for online and offline payments, free basic services for citizens, and mandatory acceptance of the new form of money by most companies, while earlier Cipollone explained the creation of the digital currency as a necessity to fight for Europe's sovereignty.