The eurozone monetary authority is in the preparatory stage for the launch of a central bank digital currency.
The European Central Bank (ECB) Rulebook Development Group has been designing a set of rules, standards and procedures for digital euro payments. The group has published a report on the draft of the rulebook, allowing the public a glimpse of the technical aspects of central bank digital currency design.
The development group includes representatives of industry advocacy groups and national central banks. It began its work in January 2023 and has addressed functional and operational models, high-level architecture and standards and participants’ rights and obligations under draft legislation.
The draft rulebook is currently under review by the development group as a whole. “Based on the feedback received as part of this process, the RDG will consider making adjustments to this first draft as required,” the ECB said in a statement.
