The European Central Bank (ECB) is embarking on another phase of exploration for the potential launch of a digital euro, and the COTI Foundation has been selected as a participant in this crucial effort.
According to the information COTI Network will be part of the ECB’s “exploration sandbox,” where it will test potential solutions for a centralized digital currency.
The ECB has chosen several “Pioneer Partners” from the private sector to collaborate on developing viable solutions for the digital euro, and COTI Network is among the selected entities. This selection highlights the ECB’s interest in leveraging expertise from various sectors, including the cryptocurrency industry.
COTI Network was specifically chosen due to its prior experience with central bank digital currencies (CBDCs), stemming from an exploratory program undertaken with the Central Bank of Israel. As one of the few cryptocurrency-focused entities involved, COTI represents the perspective of private crypto entities in the ECB’s broader exploration. The ECB has engaged a total of 70 private businesses, encompassing fintech firms, traditional banks like KPMG and Erste Group Bank AG, and on-chain startups, to explore digital solutions from diverse viewpoints.
COTI Network offers a lightweight privacy tool designed for Web3 payments, making its expertise potentially valuable in addressing privacy considerations within a digital euro framework. The ECB’s inclusion of COTI underscores the central bank’s comprehensive approach to understanding the various facets of deploying a digital euro, including technological capabilities and privacy implications, by engaging with a wide array of industry stakeholders.
Kosta Gushterov
Reporter at Coindoo
Коста е част от екипа от 2021 г. и затвърди позицията си с жажда за знания, невероятна отдаденост на работата си и „детективски“ начин на мислене. Той не само покрива широк спектър от актуални теми, но и създава рецензии, PR статии и образователно съдържание. Работата му е цитирана и от други новинарски издания.
Source: https://coindoo.com/ecb-chooses-coti-network-to-test-digital-euro/