The European Central Financial institution says it can finalise the the general design of a digital euro within the second half of subsequent yr because it publishes its second progress report on the challenge.
- the position of intermediaries, answerable for the onboarding of end-users, anti-money laundering checks and consumer-facing providers, corresponding to fee initiation options;
- the settlement mannequin, which defines who will settle on-line or offline transactions;
- the way in which wherein funding and defunding will happen to permit customers to transform money and cash from a checking account into digital euro;
- the distribution mannequin. A digital euro scheme is envisaged since it’s best suited to guaranteeing that every one euro space residents will pay and be paid in digital euro.
The central financial institution says it can assess an additional variety of design and distributions choices earlier than presenting a full report back to the Governing Council later subsequent yr.
The ECB says the Governing Council will assessment the result of the investigation section in autumn 2023 and determine whether or not to proceed to a realisation section.
Ought to the challenge get the inexperienced mild, EU residents are unlikely to get their fingers on a digital euro till 2026 on the earliest.