Bank of Cyprus and JCC selected for digital euro pilot phase

The European Central Bank (ECB) has selected 36 payment service providers from the euro area to participate in the pilot phase of the digital euro. Among those selected from Cyprus are the Bank of Cyprus Public Company Limited and JCC Payment Systems Ltd. The Central Bank of Cyprus confirmed its cooperation with these providers and the ECB to prepare for the exercise. The pilot is scheduled to begin in the second half of 2027 and will last for 12 months. Participants will test a beta version of the digital euro in a controlled environment to assess technical functionality, operational arrangements, and user experience. This initiative follows a call for expressions of interest launched in March 2026, which received over 50 applications. The ECB clarified that the beta version used in the pilot will not have legal tender status and is intended to refine the digital currency's design before any final issuance decision is made.