Debate on Imposed Limitations for Digital Euro Discussed in ECB Progress Report
The European Central Bank (ECB) has published a progress report detailing the ongoing preparation phase for the launch of the Central Bank Digital Currency (CBDC), known as the digital euro. The report highlights the significant strides made in various aspects of the project, including the development of the Rulebook, outsourcing, user design research, and addressing design issues such as holding limits.
The decision to launch the digital euro is anticipated for 2025, with the ECB's Governing Council expected to make a final decision at the end of that year. However, it's important to note that the launch is contingent upon the passage of relevant regulations.
The preparation phase for the digital euro is comprehensive, involving work on the Rulebook, outsourcing, user design research, and design issues. The Eurosystem initiated this two-year phase in November 2023.
In the realm of user design research and design issues, addressing holding limits is a key focus. This aspect of the preparation phase aims to ensure that the digital euro is accessible and user-friendly for all Europeans.
While the Eurosystem leads the development and infrastructure creation for the digital euro, the involvement of three EU institutions - the European Parliament, the European Commission, and the European Council - is necessary for approval and legislation. Approximately 70 market participants are involved in innovation testing platforms, and there is consideration of possibly using public blockchains like Ethereum and Solana for issuance and settlement. However, no specific external institutions have been commissioned yet.
The digital euro progress report primarily focuses on the development of the Rulebook, providing insights into the current status of the project. The report underscores the ECB's commitment to transparency and keeping the public informed about the progress of the digital euro.
As the digital euro project continues to evolve, the ECB remains dedicated to addressing the challenges and opportunities presented by this new form of digital currency. The publication of this progress report marks a significant milestone in the journey towards a potential digital euro for Europe.
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