European Central Bank Offers $1.3 Billion for Offline Payments Development of Digital Euro

The European Central Bank (ECB) has issued five calls for applications seeking providers to develop services for a potential digital euro, with over half of the $1.3 billion budget allocated for offline payments development. The ECB is offering a substantial sum of money to contractors who can enable offline payments for a retail digital euro. The bank has revealed plans to allocate up to €1.2 billion ($1.3 billion) to potential contractors for a range of features, including risk management, information security, and a user application. The ECB has been exploring the issuance of a digital euro for several years, and in 2023, the bloc's executive arm proposed legislation for the digital currency, outlawing interest and large holdings, while promising offline payments from day one.