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Jackson
@mattheweee
The European Central Bank (ECB) has released initial test results for the EU Digital Euro Wallet's offline payment technology. Conducted during the preparation phase started in November 2023, tests focused on secure, user-friendly transactions without internet connectivity. Using mobile devices and smart cards, the system ensures cash-like privacy, with transaction details known only to payer and payee. The ECB explored secure hardware to prevent hacking, instant settlement, and anti-money laundering checks. Results show promise for seamless offline payments, enhancing financial inclusion and resilience in low-connectivity areas. Further user research and innovation partnerships will refine the technology, with outcomes expected by mid-2025. The digital euro aims to complement cash, offering a secure, free payment option across the euro area.
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