As a researcher with a background in digital currencies and central bank digital currencies (CBDCs), I’m closely following the developments surrounding the European Central Bank (ECB) and its digital euro project. The recent update on the progress made since the start of the preparation phase in November 2023 is particularly intriguing to me.
The European Central Bank (ECB) has recently released a new version of their report on the digital euro project, providing insights into its advancements since the initiation of the preparation stage in November 2023. This phase focuses on expanding upon earlier achievements and establishing the foundation for possible launch by October 2025.
Our primary objective at present is to complete the rulebook and choose reliable vendors for building the required platform and infrastructure.
At a recent gathering, Anthony Welfare, an advisor to Ripple on the digital euro project, shared insights. He emphasized the advances made in several aspects of the digital euro initiative, including:
“Significant strides are being made in the development of the Digital Euro, specifically in the areas of privacy, offline functionality, and the establishment of a rulebook.
Key characteristics of the Digital Euro:
Online Privacy: Ensured for digital euro transactions conducted over the internet.”
— Antony Welfare (@AntonyWelfare) June 24, 2024
In the context of online digital Euro payments, it’s crucial that privacy safeguards are put in place to prevent the Eurosystem, acting as both issuer and payment infrastructure provider, from tracing transactions back to individual users. Similarly, in offline transactions, maintaining confidentiality is essential, with only the payer and payee having access to the pertinent details of the transaction.
Furthermore, the new digital euro comes with the capability to conduct transactions offline. Users can load their accounts through the internet or an ATM beforehand and carry out payments without requiring an internet connection.
Following Ripple‘s active participation as a Gold Sponsor in the Digital Euro Conference in February, Welfare made some comments. The event addressed significant aspects of the upcoming digital euro innovation, such as its design, legal implications, and cross-border payment systems.
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2024-06-24 15:47