Thirty-six banks and payment service providers are taking part in the European Central Bank’s digital euro pilot project, the European Central Bank (ECB) announced on Tuesday.
While no Belgian banks have joined the project, neobank Revolut, which operates in Belgium as an online bank, will test the system.
The digital euro is a digital version of the euro. It could be used for online payments, in-store payments or peer-to-peer payments.
It is intended as a European alternative to electronic payment systems, most of which are operated by US companies such as Mastercard and Visa. Employers could also pay their staff in digital euros.
The 12-month pilot project will be launched in the second half of 2027. The ECB hopes to launch the digital euro in 2029, provided the necessary legislation is adopted by the end of this year.
