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 previous results and lay the groundwork for a possible issuance before October 2025. .
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 previous results and lay the groundwork for a possible issuance before October 2025.
The focus is currently on finalizing the rulebook and selecting vendors to develop the necessary platform and infrastructure.
Gamza Khanzadaev
Ripple advisor for CBDC, Wellness Antonio, spoke at the event, highlighting the key features and continued progress of the digital euro project. He noted significant advances in areas such as the privacy of online and offline transactions, the development of offline functionality and the establishment of a standardized set of rules for digital payments in euros.
For example, in the case of online digital euro payments, privacy measures would ensure that the Eurosystem, as an issuer and payment infrastructure provider, cannot directly link transactions to specific persons. Offline privacy is also a priority as only the payer and payee are aware of the transaction details in offline scenarios.
Additionally, the new currency’s offline functionality would allow users to make payments without an internet connection after pre-funding their digital euro accounts via the internet or an ATM.
Alex DovbnyaWelfare’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 next innovation.
