ECB Announces Digital Euro Progress Update
The European Central Bank (ECB) updated progress on the digital euro's development through its Rulebook Development Group (RDG).
Since June 2023, the report outlines the digital euro’s functions, member responsibilities, and adaptability within the evolving legislative framework.
Representing various sectors like consumers and retailers, the report’s interim review by RDG members reflects diverse insights. Flexibility remains a key focus, with the ECB emphasizing the draft rulebook’s adaptability to upcoming changes in the digital euro legislation.
Implementation involves collaboration between public and private entities. Intermediaries play a pivotal role as bridges between the central bank and users, forming a network for regulated transactions. While intermediaries may engage third-party services, these entities aren’t direct participants in the core operations.
Looking ahead, the RDG plans rulebook additions in January 2024, covering user experience, branding, certification, testing, risk management, and implementation specifications.
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In October 2023, ECB President Christine Lagarde confirmed the ECB Governing Council’s approval for the digital euro’s preparation phase, a significant step for the Eurozone.
The ECB’s Financial Stability Review 2023, released in November, highlighted AI’s transformative impact on financial markets and efforts to regulate cryptocurrencies through the EU’s MiCA framework.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
