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The European Central Bank (ECB) has announced the achievements of the Rulebook Development Group (RDG), which is tasked with creating standards and regulatory guidelines for the digital euro (CBDC).
The ECB detailed the RDG’s advancements in 2023. The regulatory body released various technical details and regulations concerning the digital euro.
The initial draft of the regulatory framework, introduced as a provisional version, encompasses:
- functional and operational models outlining all stages of utilizing the digital euro;
- specifications for the technical foundation of the digital euro, including overarching architecture and software standards;
- a proposed law defining the rights and responsibilities of market participants.
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The creation of the provisional version involved collaboration with consumers, retailers, and intermediaries who engaged closely with RDG members. In the first quarter of 2024, the group plans to implement any necessary modifications to the draft based on input from all parties involved.
The ECB’s objective is to ensure the regulatory framework is as adaptable as possible, accommodating not only the existing EU regulatory landscape but also allowing for necessary modifications as new requirements emerge.
The ultimate decision regarding the issuance of the digital euro remains undecided. The EU’s CBDC pilot initiative has progressed to the preparation phase, which is expected to last two years. Throughout this period, the RDG will persist in refining the regulatory framework, with intentions to enhance it by adding the following sections:
- minimum user experience criteria;
- branding and communication guidelines;
- certification;
- testing and approval processes;
- internal regulations;
- risk management;
- interoperability and implementation standards.
The final determination regarding the rollout of the digital euro will be made once all preparatory actions are completed and the necessary legislation is enacted. Members of the European Commission view the CBDC primarily as a substitute for cash, highlighting the digital euro’s potential for personal transactions among EU citizens. Concurrently, the ECB maintains that the capacity to store and utilize digital currency should be subject to limitations at the code level.
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