ECB deliberates on establishing maximum transaction limits for the digital euro proposal
European Central Bank Begins Preparation for Digital Euro
The European Central Bank (ECB) has embarked on the preparation phase for a central bank digital currency (CBDC) known as the digital euro, with the Eurosystem initiating a two-year phase in November 2023.
According to a progress report published by the ECB, significant strides have been made in the development of the Rulebook for the digital euro. This report also highlights the focus on user design research and design issues, including holding limits, as part of the digital euro preparation.
The launch of the digital euro, however, is subject to the passage of regulations. The ECB's Governing Council is expected to decide on the launch of the CBDC at the end of 2025. The current President of the ECB, who may make this decision, is Christine Lagarde.
Part of the work for the digital euro is being outsourced, but the specific parts of the project being outsourced remain undisclosed in the progress report.
The digital euro, as a CBDC, is being developed by the ECB to complement cash and card payments, offering a digital alternative for the euro. The development of the digital euro is a response to the growing use of digital payments and the need to ensure the Eurosystem can meet the evolving needs of the European economy.
As the preparation for the digital euro continues, the ECB remains committed to ensuring the CBDC is designed in a way that maintains trust, security, and privacy for its users. The ECB will continue to provide updates on the progress of the digital euro as the project moves forward.
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