ECB picks two infrastructure providers for digital euro

The European Central Bank has signed agreements with two consortiums. They will provide network connectivity for banks, payment companies and national regulators to the digital euro platform. The first consortium is Italy's Nexi and Germany's Deutsche Telekom. Its contract has been in effect since September and covers the needs of the pilot project. The second is Spain's Telefónica and Indra; it will start work in May 2027. Both groups must be ready to serve a potential digital euro issuance by 2029. For those who hold or exchange cryptocurrency, this means the infrastructure for the ECB's digital currency is gradually taking shape, but its potential issuance is scheduled no earlier than 2029.