First Digital Euro Progress Report Unveiled by ECB

The European Central Bank (ECB) has released its inaugural progress report on the digital euro’s preparation phase, focusing on key design elements and ongoing advancements. 

Highlighting stringent privacy standards, the report aims to ensure a level of privacy akin to cash for online and offline transactions. Offline payments will specifically safeguard personal transaction details between payer and payee, without disclosure to payment service providers or supporting service providers. The ECB is also actively developing methods to establish holding limits for the digital euro, collaborating with national central banks and stakeholders to ensure financial stability and effective monetary policy transmission. 

Furthermore, the ECB is contributing technical insights to legislative discussions and finalizing a comprehensive rulebook to standardize digital euro operations across the euro area.

Clever Robot News Desk 27^th June 2024