A new digital euro report has been released by the European Central Bank, which underlines the decisions of the ECB Rulebook Development Group regarding the CBDC.
The European Central Bank (ECB) had earlier constituted a group of experts to create specific rules and standards for the digital euro. The central bank digital currency (CBDC), which is in the preparation stage, has made headlines consistently in 2023. Meanwhile, the ECB’s Rulebook Development Group has published a digital euro report underlining the group’s progress and decisions.
The report is a draft of what the future rulebook of the digital euro might look like. The group started developing the rules in January 2023 and has now published the draft. Meanwhile, the draft rules touch upon the digital euro’s technical factors, architecture, standards, and operational and functional models. Besides, it also covers scheme members’ rights and obligations. Moreover, the expert group is still reviewing the draft rules.
ECB’s press release stated, “This process is an opportunity for all stakeholders involved to review the rulebook as it currently stands. Based on the feedback received as part of this process, the RDG will consider making adjustments to this first draft as required.” The ECB referred to the process where retailers, consumers, and other intermediary representatives had prepared the draft rules.
Further, the digital euro’s preparation phase will continue to look at more sections. It will include testing, internal rules, and user experience requirements. Future sections will also include brand and communication standards, risk management, and interoperability.
CBDC adoption in Europe has gained significantly in the recent past. ECB officials have publicly supported CBDC adoption, mentioning the digital euro’s benefits and scope. Meanwhile, the central bank also fast-tracked the CBDC’s investigation phase in the latter part of 2023.
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