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Non-banks now in the central bank payments tent
Setting up the architecture for an eventual digital euro
Keith Mullin   29 Dec 2025
I don’t write much about payments, but a number of developments in recent weeks – right up to the week before Christmas, in fact – caught my eye. First, because the numbers involved in the payments arena are enormous. But perhaps mainly because the changes that are being made to the payments architecture are being pushed ultimately to usher in the era of the digital euro, which could be a true game changer if it can be introduced quickly enough and with sufficiently compelling use cases.
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