6.3 Interfacing between digital euro users and the central bank infrastructure 43 7 Follow-up work 45 7.1 Operational considerations 45 7.2 Institutional framework 46 Annex 1: Digital euro characteristics identified in the report 48 Annex 2: The digital euro … It is a 50-page report which has been prepared by the Eurosystem High-Level Task Force on CBDC. In October 2020, the ECB published a report analyzing the viability of a digital euro that could be used in retail transactions and be available to the general public. Although there is a whiff of "CBDC theater" about it; it does lay out the problem in detail. The published report emerges from an analysis of a public consultation published by the European Central Bank (ECB) on 14 April 2021. This section describes selected design options for the technical implementation of a digital euro at the level of the back-end infrastructure and end-user access solutions. The majority of respondents were private individuals (94%), the rest being professionals from affected industries, including banks, payment service providers, and merchants. The ECB’s report offered an assessment of the economic, strategic, technological and social choices that factor into the creation of a digital euro. Regardless of the approach, the back-end infrastructure should be ultimately controlled by the central bank. We welcome comments that add value to the discussion. On 2 October 2020 the ECB published a report on a digital euro. A comprehensive and balanced policy-oriented assessment of the challenges of a digital euro and its potential relative to alternative options is necessary before issuance of the digital euro can be considered. The European Central Bank has published a report on the possible issue of a digital euro. An initial analysis of raw data shows that privacy of … For more information click, Where to go next: three European markets driving growth. It won’t be subject to EU rules on private digital currencies. The hotly-anticipated consequences of the European Central Bank’s examination into a digital euro will before long be delivered “in the coming weeks,” said ECB President … The European Central Bank (ECB) has released a report in which it states the importance they are placing on a potential digital euro which they are seriously considering and studying with a decision by mid-2021, the bank said. For more data-driven insights in your Inbox, subscribe to the Refinitiv Perspectives weekly newsletter . ECB releases report on digital euro plans According to the report, the main demands of experts and the public are the protection of privacy (43%), followed by security (18%), the ability to pay across the Euro area (11%), no additional costs (9%) and offline usability (8%). Based on the possible features of a digital euro, two broad types have been identified that would satisfy the desired characteristics: offline and online. The excessive use of the digital euro as a form of investment and the associated risk of sudden large shifts from bank deposits to the digital euro should be avoided. About a quarter of individual respondents are in favor of end-user solutions comprising smart cards or smartphone features and almost half mention a need for holding limits, tiered remuneration, or a combination of the two, to manage the amount of digital euro in circulation. According to a report published on April 14, privacy is the most important feature of a digital euro, especially for merchants and other companies. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers. The underlying back-end infrastructure for the provision of a digital euro can either be centralised, with all transactions recorded in the central bank’s ledger, or feature some decentralisation of responsibilities to users and/or supervised intermediaries, thus also enabling the provision of a bearer digital euro. Although the ECB Governing Council has not made an official decision on issuing a digital currency just yet, the central bank today published its first report discussing different alternative scenarios that may facilitate the issuance and the adoption of a digital euro. In it, the ECB says a digital euro would be used as a complement to, rather than a replacement for, cash. ECB report on a digital euro: More radical than what meets the eye Published on October 19, 2020 October 19, 2020 • 71 Likes • 6 Comments No part of this site can be reproduced without explicit permission of The Paypers(V2.7). On 2 October 2020 the ECB published a report on a digital euro. An ECB representative states in the report that the bank will do its best to ensure that a digital euro meets the expectations of European citizens.The answers provided suggestions for the upcoming decision of the Governing Council on whether a formal digital euro investigation phase should be initiated. The Eurosystem would design the digital euro in such a way as to avoid possible undesirable implications for the fulfilment of its mandate, for the financial industry and for the broader economy. This report examines the issuance of a central bank digital currency (CBDC) – the digital euro – from the perspective of the Eurosystem. Around 25% of respondents believe that a digital euro should make cross-border payments faster, cheaper, and possible outside of the Euro area. In an interview with Bloomberg on Wednesday, Lagarde said if ECB policy makers give the digital currency project the green light this summer then the digital currency will be rolled out within four years. Visco said a digital euro, if and when it launches, could run on the existing Target Instant Payment Settlement (TIPS) system, which already offers pan-European real time fund transfers. In a comprehensive report on the potentials and pitfalls of a digital euro, the ECB says a digital euro could combine The possible advantages of a digital euro and the rapid changes in the retail payment landscape imply that the Eurosystem needs to be equipped to issue it in the future. In a 53-page report, the ECB wrote a digital euro could support the Eurosystem’s objectives by providing Europeans with access to a safe form of money in the fast-changing digital world. tp:news If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. See what has changed in our privacy policy, Different scenarios could trigger the issuance of a digital euro, A digital euro should be carefully designed, A digital euro would be built on a solid legal basis, There are two types of digital euro that would meet the requirements identified, The technical and organisational challenges are manageable, Next steps: conceptual analysis, practical experimentation and public consultation, I understand and I accept the use of cookies, See what has changed in our privacy policy. This report examines the issuance of a central bank digital currency (CBDC) – the digital euro – from the perspective of the Eurosystem. The 54-page comprehensive report provides valuable insight into the risks, practicality and benefits of issuing a digital euro. The European Central Bank is considering furthering its studies on the digital euro by the middle of 2021 as it looks to catch up to the rest of the world The European Central Bank (ECB) published a report on October 2, where it revealed it would carry out further studies on the digital euro by next year. ECB President Christine Lagarde spoke about the digital euro at the ECB Governing Council meeting on Jan. 21. Professionals and private citizens would most prefer a digital euro that prioritizes privacy, according to a public consultation published by the European Central Bank (ECB). According to the report, the digital Euro’s data protection is the most important feature for the public and professionals, especially merchants and other companies. ECB Digital euro consultation. The views of institutions, citizens and professionals will provide valuable input to this assessment, including through a public consultation. Prinsengracht 777e The ECB’s initiative comes as Europeans increasingly move away from cash towards digital means of payment. The central bank aims to decide around mid-2021 whether or not to launch the project, it said. In an interview with Bloomberg on Wednesday, Lagarde said if ECB … Johannes Kaske, Sales Director Germany at METACO “The ECB’s report on the digital Euro has resonated well in the ecosystem that has been divided by intense academic and professional debate in the last months. Over two-thirds supported intermediaries providing services that enable digital Euro access, and believed the digital Euro should be incorporated into existing banking and payment processes. The European Central Bank (ECB) today published a report on the digital euro outlining the requirements for a central bank digital currency Today the European Central Bank (ECB) published its paper on the digital euro, but was keen to emphasize that it has not yet decided to issue a central bank digital currency (CBDC). This report deliberately does not advocate a specific type of digital euro. A task force of experts from the ECB and the 19 national central banks of the eurozone noted that as demand increases for cashless payments, there should be a Europe-wide, risk-free digital system. The public consultation was launched on 12 October 2020, following the publication of the Eurosystem report on a digital euro. European Central Bank reveals more details about its digital euro research The European Central Bank has published a 50-page report on the topic of the “digital euro”, a central bank digital currency (CBDC) that could be introduced in the European Union. Regulations in the payments industry: innovation enablers or bureaucracy burdens? Therefore, one would expect that the ECB’s digital euro mimics physical cash as closely as possible. The ECB launches a three-month consultation on Monday and will carry out a series of experiments on the feasibility of a digital euro over the next six months. The European Central Bank could decide by April whether to push ahead with planning for a digital euro, a move closely watched by banking and tech sectors. In addition to conceptual analysis and practical experimentation by the Eurosystem, the involvement of European and international institutions, fora and standard-setters would be required to ensure that the digital euro could satisfy the expectations of all prospective stakeholders.

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