The European Central Bank (ECB) recently published an updated report detailing the progress of the digital euro project since the start of its preparation phase in November 2023. This phase aims to build on the previous results and lay the groundwork for potential issuance by October 2025.
The current focus is on finalizing the rulebook and selecting vendors to develop the necessary platform and infrastructure.
Ripple’s advisor to the CBDC, Anthony Welfare, spoke at the event, highlighting the key features and ongoing progress of the digital euro project. He noted significant progress in areas such as privacy for online and offline transactions, the development of offline functionality, and the establishment of a standardized set of rules for digital euro payments.
Progress being made on the #DigitalEuro
“….the results of the technical work conducted in the following areas: privacy, the digital euro’s offline functionality, and the rulebook.”
Key Design features of the Digital $EUR:
Online Privacy ✅ “For online digital euro payments,… https://t.co/YHr1pNQyT9
— Antony Welfare (@AntonyWelfare) June 24, 2024
For example, for online digital euro payments, privacy measures would ensure that the Eurosystem, as issuer and payment infrastructure provider, cannot directly link transactions to specific individuals. Offline privacy is also a priority, with only the payer and the payee being privy to the transaction details in offline scenarios.
In addition, the offline functionality of the new currency would allow users to make payments without an internet connection after prefunding their digital euro accounts via the internet or an ATM.
Welfare’s comments follow Ripple’s significant involvement in the initiative, as the company was a Gold Sponsor at the Digital Euro Conference in February, which covered several critical topics, including the design, legal considerations and cross-border payments of the upcoming innovation.
