What happened
- Specific facts/numbers: The ECB said it chose two network service providers to connect payment service providers and national central banks to the digital euro platform, under service agreements designed to support the pilot and any later phase; both providers are expected to be ready by 2029.
- Institutions involved: The European Central Bank is leading the project with Eurosystem national central banks and payment service providers; third-party coverage identified Nexi and Deutsche Telekom as the selected providers, but the ECB search snippet reviewed here did not name them directly.
- Regulatory/technical context: The move is part of the ECB’s digital euro preparation work. The connectivity layer would let payment service providers offering the digital euro link into the system, while any issuance still depends on a future ECB Governing Council decision on the project’s next phase.
- What to watch next: Watch for the start of the digital euro pilot, further technical build-out toward 2029 readiness, and any Governing Council decision on whether to advance to a phase that could enable issuance; no firmer next milestone was identified.
Why it matters
Selecting the connectivity providers turns the digital euro project from design work toward operational build-out, giving banks and payment firms a clearer path for how they would technically connect if the project proceeds.
HKMA Relevance
Direct: Another central bank has taken a concrete action in CBDC and payments infrastructure squarely within the HKMA’s remit, making it relevant to how Hong Kong assesses its own digital money and cross-border payments work.