ECB publishes second progress report on the digital euro preparation phase
Barcelona, 2 December 2024
The European Central Bank (ECB) has today published its second progress report on the digital euro preparation phase. The report provides an update on the work carried out by the ECB and the Eurosystem since the publication of the first progress report in October 2023, and sets out the next steps in the preparation phase.
The report covers four main areas of work:
- Analysis of user needs and expectations
- Assessment of technological options
- Exploration of policy and legal implications
- International engagement
The ECB has made significant progress in all four areas since the publication of the first progress report. In particular, the ECB has:
- Conducted a series of user research studies to better understand the needs and expectations of potential users of a digital euro.
- Assessed a wide range of technological options for implementing a digital euro, including distributed ledger technology (DLT) and centralised technology.
- Explored the policy and legal implications of issuing a digital euro, including its impact on monetary policy, financial stability and data protection.
- Engaged with international partners to share information and explore potential areas of cooperation on digital currencies.
The ECB has also published a number of technical documents and reports on specific aspects of the digital euro preparatory work. These documents are available on the ECB’s website.
The next steps in the digital euro preparation phase will include:
- Continuing the analysis of user needs and expectations.
- Further assessing the technological options for implementing a digital euro.
- Exploring the policy and legal implications of issuing a digital euro in more detail.
- Continuing international engagement on digital currencies.
The ECB will also start to prepare for the launch of a pilot project in 2025. The pilot project will test the functionality of a digital euro and explore its use in real-world scenarios.
The ECB is committed to a thorough and transparent preparation process for the digital euro. The ECB will continue to publish regular progress reports and engage with stakeholders throughout the preparation phase.
For more information, please contact the ECB’s press office at +49 69 1344 7455.
ECB publishes second progress report on the digital euro preparation phase
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