The European Central Bank (ECB) Progresses with Digital Euro Development
The European Central Bank (ECB) has released a report highlighting the advancements made by the digital euro scheme’s Rulebook Development Group (RDG). This follows a previous report from June 2023 and showcases the completion of the initial chapters of the digital euro rulebook, in line with approved legislative proposals and design decisions.
Drafting the Rulebook
The first draft of the rulebook serves as an intermediate version, incorporating functional and operational models, technical scheme requirements, and the adherence model. It outlines the rights and obligations of scheme members based on draft legislation. The complete rulebook draft with all chapters included will be prepared during the ongoing preparation phase.
Opportunity for Stakeholder Feedback
The rulebook draft is currently undergoing an interim review, allowing stakeholders to scrutinize and provide feedback. The RDG will consider adjustments based on received feedback to ensure a comprehensive and adaptable regulatory framework. Flexibility is a key feature of the draft rulebook, accommodating future adjustments aligned with the digital euro legislative process.
No Final Decision Yet on Digital Euro
The ECB has not made a final decision on launching a digital euro. However, ECB President Christine Lagarde supports a European central bank digital currency (CBDC) while criticizing private cryptocurrencies. Lagarde has emphasized that a digital euro will not eliminate cash but aims to be user-friendly and universally accepted throughout the Euro system.
Hot Take: ECB Progresses Towards Digital Euro Implementation
The European Central Bank is making significant strides in the development of a digital euro. The publication of the rulebook draft demonstrates progress towards creating a comprehensive regulatory framework for the digital currency. Stakeholders have an opportunity to provide feedback during the interim review, ensuring that the final version is adaptable and responsive to their needs. While a final decision on the digital euro has not been made, ECB President Christine Lagarde remains a strong advocate for a central bank digital currency. The development of a user-friendly and widely accepted digital euro aligns with the ECB’s goal of modernizing payment systems and providing accessible financial services.
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