Bank of Cyprus and JCC selected for digital euro pilot program

The European Central Bank has announced the selection of 36 payment service providers from the Eurozone to participate in the pilot phase for a potential digital euro. Among those selected from Cyprus are the Bank of Cyprus and JCC Payment Systems. The pilot program is part of the Eurosystem's ongoing preparatory work to assess the technical infrastructure, operational procedures, and user experience of a digital currency in a controlled environment. The exercise follows a call for expressions of interest launched in March 2026, which received over 50 applications. Participants will work alongside the European Central Bank and national central banks, including the Central Bank of Cyprus, to test a functional beta version of the system. While this beta version will closely mirror the proposed legislation for a digital euro, it will not hold legal tender status. The trial is scheduled to begin in the second half of 2027 and will last for a duration of 12 months. This initiative aims to refine the overall design of the digital currency before any final decision regarding its official issuance is made.