The European Central Bank, Amazon and four other companies are ready to develop a prototype of the digital euro.

The European Central Bank has selected five companies to assist in the testing of the future digital euro project. The conglomeration of banks — including Nexi, Italy’s EPI, France’s Worldline SA and Spain’s CaixaBank — and numerous third parties have decided to shake hands with Amazon to win the bid.

The project is aimed at developing and building prototypes where each party focuses on a particular digital implementation of euro-area currency. Every participating company focuses on creating an archetype interface to streamline simulated transactions.

54 front-end parties contributed in the bid and submitted their applications during the month of April. Unfortunately, only five of these front-end providers made the cut. “The aim of this prototyping exercise is to test how well the technology behind a digital euro integrates with prototypes developed by companies”, the European Central Bank stated.

Digital euro project

European Central Bank (ECB) focuses on being an industry leader in the field of advanced economics. The ECB would be the first bank to issue any digital currency. Officials indicated the currency’s deployment won’t take place until at least 2025.

Currently, the digital prototype project is in its two-year investigation stage, which is set to launch the digital euro. At this time, no formal decision has been made regarding the launch of the digital euro.