ECB will only use European suppliers for digital euro build
The central bank in January opened applications for vendors to provide components and related services for a potential digital euro in contracts that could total more than EUR1 billion.
Speaking before a European parliament committee, ECB board member Piero Cipollone, reassured MEPs that the central bank is not launching any of the development now, but instead is drawing up "framework agreements" that could be used in the coming years to develop the relevant components if the decision to launch the digital euro is taken.
"We need to be prepared for such an event," he says.
"Our readiness would be compromised if we started searching for possible suppliers only after that decision is made. However, we are not tying our hands in any way by sourcing potential suppliers now.
The agreements will be sufficiently flexible to accommodate the legislative deliberations or technological advances. And if we were to take the decision not to launch a digital euro, we would not sign any contracts."
Nonetheless, closer engagement with platform suppliers is deemed necessary to lay the groundwork for a green light on the project.
