ECB reports on digital validation of the euro and confidentiality after a year of investigation phase
The ECB's two-year investigation phase is halfway through, with key usage and policy questions clarified; further stakeholder engagement is expected before the decision is made to proceed.
New
The two-year investigation phase of the European Central Bank's (ECB) Eurosystem Digital Euro project has reached its midpoint. The ECB published a progress report on September 29 that examines design and policy issues that are under consideration or have been decided.
The report states that commerce in physical stores and online is the largest use case for a euro central bank (CBDC) digital currency. Currently, most digital payment solutions are limited in scope and not of European origin. Thus, a digital euro could harmonize payment solutions and strengthen European strategic autonomy in line with political objectives. The report said:
"A digital euro would preserve the role of public money as the anchor of the payment system in the digital age. It would ensure the harmonious coexistence, convertibility and complementarity of the different forms that money takes . »
The Governing Council of the ECB has approved the exploration of third-party validated online payments as part of a first digital version of the euro, as well as an offline peer-to-peer validated solution without delay. Online peer-to-peer solutions will not be pursued during this phase.
Related: European Central Bank Selects Amazon and 4 Other Firms to Prototype Digital Euro App
The anti-money laundering requirement...
The ECB's two-year investigation phase is halfway through, with key usage and policy questions clarified; further stakeholder engagement is expected before the decision is made to proceed.
New
The two-year investigation phase of the European Central Bank's (ECB) Eurosystem Digital Euro project has reached its midpoint. The ECB published a progress report on September 29 that examines design and policy issues that are under consideration or have been decided.
The report states that commerce in physical stores and online is the largest use case for a euro central bank (CBDC) digital currency. Currently, most digital payment solutions are limited in scope and not of European origin. Thus, a digital euro could harmonize payment solutions and strengthen European strategic autonomy in line with political objectives. The report said:
"A digital euro would preserve the role of public money as the anchor of the payment system in the digital age. It would ensure the harmonious coexistence, convertibility and complementarity of the different forms that money takes . »
The Governing Council of the ECB has approved the exploration of third-party validated online payments as part of a first digital version of the euro, as well as an offline peer-to-peer validated solution without delay. Online peer-to-peer solutions will not be pursued during this phase.
Related: European Central Bank Selects Amazon and 4 Other Firms to Prototype Digital Euro App
The anti-money laundering requirement...
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