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The European Central Bank (ECB) has revised its guidelines for the utilization of the digital euro (CBDC) following discussions with market stakeholders and is actively advancing its preparations for the launch.
The ECB has released a second progress report detailing the preparations for the introduction of the European Central Bank’s digital currency. Among other developments, the bank’s representatives have finalized the application process for external service providers linked to the digital euro and initiated a tender for involvement in the practical execution of the European CBDC.
ECB representatives engaged with consumers, retailers, and payment service providers to enhance the regulations surrounding the use of the digital euro. The press release indicates that this phase has established a foundation for the potential issuance of the CBDC and for the future standardization of digital payments throughout the Eurozone.
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Furthermore, new research focusing on user preferences concerning digital assets has commenced. Specifically, the study aims to understand the experiences of small enterprises and marginalized groups. The initiative also intends to investigate innovative applications for the digital euro and to test automated payment systems in collaboration with merchants, FinTech firms, payment service providers, and research institutions.
Concurrent efforts will persist with entities within the European System of Central Banks. In particular, a framework for establishing limits on digital euro holdings will be formulated, considering user experience, monetary policy, and financial stability risks.
The new phase of research on the digital euro is anticipated to continue until next year. A determination regarding the advancement to the subsequent stage of preparations for the implementation of the European CBDC will not be made until late 2025.
Efforts to develop standards and regulatory frameworks for the digital euro have been ongoing for two years. At the beginning of 2024, the ECB reported advancements in this domain. Then, in mid-2024, the European Central Bank released a report addressing privacy concerns related to the forthcoming European CBDC, which raised significant apprehension among prospective users.
Сообщение ECB Continues Preparations for Digital Euro Launch появились сначала на CoinsPaid Media.
