ECB’s Digital Euro Taps COTI

COTI partners with the ECB to develop privacy-based conditional payments for the forthcoming Digital Euro.

COTI (COTI) has joined the ECB’s initiative to create a Digital Euro, a euro-wide central bank digital currency (CBDC) with a targeted launch around 2026. 

As part of a select group of “Pioneer Partners,” which includes Accenture, KPMG, and TATA, COTI will help demonstrate how conditional payments can be implemented using the ECB’s simulated technical infrastructure. 

This development aligns with COTI’s track record in the CBDC space - last year, they collaborated with the Bank of Israel on a Digital Shekel proof-of-concept.

Essential to the project is privacy, an area in which COTI excels. Using their on-chain version of Soda Labs’ Garbled Circuits, COTI’s approach preserves sensitive data even as transaction authenticity is verified. 

The concept of conditional payments requires verifying the provenance of assets before transfer, and privacy solutions like COTI’s can ensure that personal or corporate data remains confidential throughout.

By tackling issues such as cross-border settlements and multi-currency conversions, COTI hopes to show the ECB how a Digital Euro can operate seamlessly across the entire euro area’s $15 trillion economy.

The ECB’s innovation platform will connect various stakeholders, from fintech companies to academic institutions. Initially, the focus is on retail payments, though the end goal is a secure, easily accessible digital alternative to physical coins and notes. 

A successful rollout could unify digital payments across all eurozone member states.

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