Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The European Central Bank (ECB) published its second progress report on the digital euro initiative on Monday, outlining efforts to establish a cohesive digital payment system for the eurozone.
The ECB has revised the digital euro rulebook following a collaborative review with consumers, retailers, and payment service providers. The report emphasizes significant advancements, including modifications to the digital euro scheme rulebook and progress in identifying potential service providers for its execution.
The Path to a Digital Euro: ECB Collects Feedback and Tests Payment Innovations
The report indicates that this stage is concentrated on preparing for a possible issuance of the digital euro.
Since the release of the initial progress report, the ECB has made updates to its digital euro scheme rulebook.
This revision seeks to standardize digital euro payments throughout the euro area and follows a preliminary review involving consumers, retailers, and payment service providers.
Since May 2024, we have:
Evaluated user requirements for the design of the digital euro
Advanced in the selection of providers for digital euro componentsContinued the development of the digital euro rulebook
Read our latest progress report https://t.co/YA1hzZq2q1 pic.twitter.com/6TxhcJjqAb— European Central Bank (@ecb) December 2, 2024
Seven new workstreams initiated in May 2024 contributed to the revised draft. These workstreams concentrate on aspects such as minimum user experience standards and risk management.
In the upcoming months, the ECB will carry out online surveys and interviews to collect insights into public preferences. Specific target groups, including small merchants and vulnerable consumers, are being prioritized.
To further investigate the possibilities of a digital euro, the ECB is establishing collaborations with merchants, fintech firms, universities, and other stakeholders.
Related Posts
An outcome report detailing these efforts is anticipated in July 2025.
What Lies Ahead for the Digital Euro? ECB Unveils Plans and Collaborations as 2025 Deadline Approaches
The ECB has also completed a call for applications to identify potential providers for the components and services of the digital euro.
This selection process, which commenced in January, has entered the evaluation stage. The results will be published on the ECB’s website once finalized in 2025.
Attributes such as equitable transaction fees, strong consumer privacy, and support for the European payments ecosystem highlight its potential significance.
Although the project started in July 2021, progress has been gradual, with delays in establishing the required legal framework.
Nearly 17 months after the European Commission’s proposal, the framework remains unfinished, raising concerns among ECB officials.
Worldwide, 134 countries, accounting for 98% of the global economy, are investigating Central Bank Digital Currencies (CBDCs), with 66 already in pilot phases.
As the ECB continues to refine its strategy, the ultimate decision regarding the launch of a digital euro will be made by the ECB’s Governing Council and will depend on legislative progress.
The post ECB Releases Second Progress Report on Digital Euro Project appeared first on Cryptonews.
