The European Central Bank (ECB) said it set up an innovation hub with 70 participants to test its digital euro project.

The participants included start-ups, banks and payment services including global professional services company Accenture, Swiss telecommunications company Swisscom, Spanish bank CaixaBank and audit and tax firm KPMG, it said in a Monday release. The companies have signed up to work with the ECB to explore the central bank digital currency's payment functionalities and use cases, the release said.

The ECB issued a call to small and large merchants, banks and payment-service providers last year. The central bank's President Christine Lagarde said that the testing phase of the CBDC, which it calls its preparation phase, should end by October. A decision on whether or not to issue a digital euro is expected to occur after legislation takes effect.

Read more: ECB Targets October to Finish Digital Euro Preparation Phase

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