On July 14, 2026, the European Central Bank published a list of 36 payment companies that will participate in a pilot project for digital euro. Among them are those who recently opposed it.
From Application to Selection: Who Made the Cut
36 participants were selected from over 50 candidates from across the eurozone following an open call announced in March 2026. The finalists included companies from 16 of the 21 eurozone member states — ranging from traditional banks to fintech platforms.
According to Silicon Republic, participants include Deutsche Bank, UniCredit, Revolut, Stripe Technology Europe, SumUp, Adyen, and Worldline. A notable detail: Deutsche Bank, DZ Bank, and BPCE were previously part of a group of 14 European banks that publicly expressed reservations about the digital euro — primarily due to costs and the risk of undermining private payment initiatives. Now all three have submitted applications and passed the selection.
"The pilot is aimed at supporting preparatory work for a potential digital euro issuance and will commence in the second half of 2027 for a period of 12 months."
— ECB Press Release, July 14, 2026
What Will Be Tested and Who Will Pay
According to CoinDesk, the pilot will test a beta version of digital euro for online, offline, point-of-sale, and e-commerce payments. The first users will be ECB staff members and employees of 19 national central banks — meaning the general public will not be admitted to the pilot.
Meanwhile, the legislative process continues. On June 23, the European Parliament's ECON Committee voted in favor of the regulatory draft (43 votes in favor, 14 against), and on July 9, the Strasbourg session supported the negotiating mandate for trilogue — 416 to 169. The institutional goal is to complete legislation adoption by the end of 2026. Without regulatory approval, the ECB will have no right to issue a digital currency even after a successful pilot.
Storage Limits: Why 3,000 Euros Is Not an Arbitrary Number
The key debated parameter is how much digital euro one person can hold. The ECB released a technical analysis: a limit of 3,000 euros per person will not harm financial stability even in crisis scenarios. However, independent researchers from Bruegel calculated that even a lower threshold — between 1,500 and 2,000 euros — would be sufficient for stability, while a higher limit could potentially reduce retail bank deposits by 15 percent.
This is not an abstract issue: if millions of people transfer money from bank accounts to digital euro, banks will have fewer resources for lending — and therefore, loan interest rates could rise.
Privacy: Where the Line Between Protection and Surveillance Lies
The most heated debate revolves around privacy. Dr. Patrick Schüffel, Associate Professor at Fribourg School of Management and a long-time CBDC critic, warns: "Technology will be deployed that can be used for surveillance and control like no other in human history." The ECB notes that offline payments will have a level of privacy close to cash transactions. But "close to" is not the same as "equal to."
The regulation includes anti-money laundering standards and CFT requirements, which by definition entail certain transaction identification. Exactly where the line lies between necessary compliance and excessive surveillance remains to be determined in the text of the final regulation currently being negotiated in trilogue.
Geopolitical Context: Why Now
As reported by Euronews, official statements include arguments about reducing dependence on American payment systems. The United States, meanwhile, is moving in the opposite direction: Congress has passed a law prohibiting the Federal Reserve from issuing CBDC. If the digital euro works, Europe will obtain a public payment infrastructure independent from Visa, Mastercard, and — potentially — from Washington's geopolitical pressure.
If the trilogue between Parliament, the Council of the EU, and the Commission concludes by the end of 2026 and the regulation is adopted, the 2027 pilot will become a test not only of technical functionality but also of whether the banks themselves will agree to actively promote an instrument that competes with their own deposits.
