Bank of Cyprus, JCC selected for ECB digital euro pilot

Economy Bank of Cyprus, JCC selected for ECB digital euro pilot Bank Of Cyprus, Jcc Selected For Ecb Digital Euro Pilot Relevant News Bank of Cyprus, JCC selected for ECB digital euro pilot 15 July 2026 Cyprus among lowest COVID-19 vaccination rates in Europe, ECDC finds 15 July 2026 CERA, ministry move fast on new generators for electricity shortfall 15 July 2026 Theano Thiopoulou 15 July 2026 FacebookXWhatsAppEmailPrintViber The European Central Bank (ECB) is taking another step towards the digital euro, with Cyprus among the eurozone countries taking an active part in the pilot phase of the new European payment system. The ECB announced the payment service providers that will take part in testing the beta version of the digital euro. Bank of Cyprus and JCC Payment Systems were selected from Cyprus. The two Cypriot organisations will work with the ECB and the Central Bank of Cyprus as part of a major European trial examining in practice how the new digital payment instrument will function. The pilot phase is expected to begin in the second half of 2027 and will last one year. The aim is to assess the technical infrastructure, issuance and management procedures, and the user experience in a controlled environment. Dozens of providers from across the eurozone are taking part in the process overall, including major European banks, payment institutions and financial technology companies. The list includes organisations from countries such as Germany, Italy, France, Greece, Spain, Portugal, the Netherlands and Ireland. International participants include major banking groups and payment companies such as Deutsche Bank, UniCredit, Nexi, Worldline, Revolut, Stripe and Adyen, reflecting that the digital euro trial will involve both the traditional banking system and the fast-growing digital payments sector. The participation of Bank of Cyprus and JCC allows the Cypriot market to take part from the early stages in shaping the infrastructure and procedures that would be required for any future use of the digital euro. The Central Bank of Cyprus welcomed the selection of the two Cypriot providers and stressed that it would work closely with them and with the ECB in preparing for the pilot phase. The digital euro is a Eurosystem project to create a public digital means of payment that would complement cash and existing electronic payments. The pilot process does not mean the digital euro will automatically be introduced, since the final decision on its issuance will be taken at a later stage, once the necessary legislative and technical procedures are complete. During the pilot, an ECB staff member, for example, could use the test digital euro to send money to a colleague, pay at the ECB’s cafeteria using their phone, or buy a product online from participating merchants, while the Eurosystem monitors the process and collects and provides feedback on the user experience. This will support the assessment of the system’s resilience, scalability and usability, and will strengthen cooperation between payment service providers (PSPs), merchants and central banks. The ECB says the pilot programme will also help the Eurosystem improve the design and user experience of the digital euro, as well as assess communication and branding approaches. Updates will be shared transparently. Read more: ECB warns banks of AI-driven cyberattack risks, demands urgent action Subscribe to our Newsletter Latest News Cyprus among lowest COVID-19 vaccination rates in Europe, ECDC finds CERA, ministry move fast on new generators for electricity shortfall Patients still paying out of pocket for occupational therapy under GHS Things to do on Wednesday, July 15 Mostly clear skies today as temperatures hit 39C inland A flexible model, and a fairy tale to match Even in this heat, they’re talking presidentials! Follow en.philenews on Google News and be the first to know all the news about Cyprus and the world.