The European Central Bank (ECB) has published its first progress report on the preparation phase of a digital euro [4a4af7c2]. The report highlights several key areas of progress, including privacy, the offline functionality of the digital euro, the development of the digital euro rulebook, and the selection of providers for digital euro components.
One of the main focuses of the report is privacy and data protection. The ECB emphasizes the importance of ensuring that personal transaction details are known only to the payer and payee. The offline functionality of the digital euro is also highlighted, as it would allow users to make payments without an internet connection, providing a cash-like level of privacy [4a4af7c2].
In addition, the ECB is working on the development of a digital euro rulebook, which will define the rules, standards, and procedures for digital euro payments. This rulebook will play a crucial role in ensuring the smooth operation of the digital euro system [4a4af7c2].
The progress report also mentions the selection process for providers of digital euro components. The ECB is actively engaging with stakeholders and the public to gather feedback and ensure that the digital euro project meets the needs and expectations of the European citizens. The report also highlights the importance of minimizing the environmental impact of the digital euro throughout its value chain [4a4af7c2].
Overall, the publication of the progress report demonstrates the ECB's commitment to transparency and accountability in the development of the digital euro. By providing updates on the project's progress and actively seeking feedback, the ECB aims to ensure that the digital euro meets the highest standards of privacy, functionality, and sustainability [4a4af7c2].