The European Central Bank (ECB) has completed the selection of participants for the closed testing of the digital euro. The list includes 36 organizations, featuring major names such as Deutsche Bank, Revolut, Stripe, UniCredit, Adyen, SumUp, and Worldline. This is not just a formality — it is a signal that the project is moving from the concept stage to practical implementation.
Testing will begin in the second half of 2027 and will last exactly 12 months. The pilot will be conducted on the basis of the ECB and 19 national central banks of the eurozone. Regulatory staff will act as users, while selected online stores, restaurants, cafes, and other establishments will serve as points of sale. This will allow the system to be tested in real-world scenarios.
What will be tested?
Participants will test transfers between individuals in both online and offline modes. The focus will also be on payments in stores, mobile payments, and online purchases. The ECB aims to assess reliability, scalability, operational processes, and interface usability. Some companies will handle the distribution of the CBDC: they will open test accounts and provide access through the Eurosystem app or their own services. Others will ensure that sellers can accept the funds. Some organizations will perform both functions.
An important nuance: the pilot will use a beta version of the asset, and participants will not be able to charge users fees for services related to the testing. This underscores the social orientation of the project.
When can we expect the launch?
The ECB plans to prepare for the possible issuance of the digital euro by 2029. However, this requires the adoption of relevant regulation as early as 2026. After the legal framework is approved, a separate decision by the ECB's Governing Council will be needed. The CBDC should become an electronic form of central bank money, complementing cash, bank cards, and private payment services.
In June, the relevant committee of the European Parliament already supported the draft law on the digital euro, which provides for online and offline payments, free basic services for users, and mandatory acceptance of the new form of money by most companies. Earlier, ECB Executive Board member Piero Cipollone explained the need to create a CBDC as a fight for Europe's sovereignty.
My analysis: The selection of 36 participants from different countries and business models — from traditional banks to fintech startups — indicates the maturity of the project. The ECB is clearly trying to avoid mistakes made in the implementation of other CBDCs and is betting on a broad coalition. However, the key risk remains the same: can the digital euro compete with already established private solutions such as USDC or even decentralized stablecoins? We will not see the answer before 2029.