The European Central Bank (ECB) has published its third progress report on the digital euro, along with the findings of focus groups that explored people’s views on the features of a potential digital wallet. The report presents design and distribution options endorsed by the ECB’s Governing Council, with initial access to the digital euro being granted to euro area residents, merchants, and governments. Non-resident euro area citizens may also have access if they hold an account with a euro area-based payment services provider. The report also mentions the potential provision of cross-currency functionalities with other central bank digital currencies outside the euro area. The Governing Council suggests that the digital euro could be distributed through payment services providers, such as existing banking apps or an app provided by the Eurosystem. The design of the digital euro would comply with the legal framework set by European co-legislators. The report also highlights the importance of person-to-person money transfers, offline payments, budget management tools, and conditional payments based on the findings of the focus groups. The ECB will consider these reports when making decisions on the future of the project in the autumn. For media inquiries, please contact Silvia Margiocco at +49 69 1344 6619.
HomeCBDCDigital Euro UpdatesECB releases update on digital euro development and analysis of digital wallet...