The European Central Bank (ECB) has released its second progress report on the investigation phase of a digital euro. This report highlights the advancements made since the first progress report in September 2022. The report focuses on a new set of design and distribution options that have been approved by the Governing Council. It also outlines the roles of the Eurosystem and supervised intermediaries in the digital euro ecosystem. Intermediaries will be responsible for onboarding end-users, conducting anti-money laundering checks, and providing consumer-facing services. The settlement model will determine how online and offline transactions are settled, while the funding and defunding process will allow users to convert cash and money from bank accounts into digital euro. The report also emphasizes the importance of a digital euro scheme to ensure that all citizens in the euro area can make and receive payments digitally. In 2023, the ECB will further evaluate various design and distribution options and present the overall design to the Governing Council in the second half of the year. The ECB is actively engaging with stakeholders and seeking feedback to ensure that the digital euro meets the needs of users. The investigation phase of the digital euro project was launched by the ECB and euro area national central banks in October 2021. The outcome of this phase will be reviewed by the Governing Council in autumn 2023, and a decision will be made on whether to proceed to a realisation phase. For media inquiries, please contact Nicos Keranis at +49 172 758 7237.
HomeCBDCDigital Euro UpdatesECB releases update on the digital euro investigation phase: Second progress report