The European Central Bank (ECB) has published a report on the draft of its rulebook for digital euro payments.
The European Central Bank (ECB) has published a report on the draft of its rulebook for digital euro payments, providing a glimpse into the technical aspects of central bank digital currency (CBDC) design.
The rulebook is being developed by the ECB's Rulebook Development Group (RDG), which includes representatives of industry advocacy groups and national central banks. The group began its work in January 2023 and has addressed various aspects of CBDC design, including 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 RDG, and RDG will consider making adjustments to the first draft, according to the ECB statement.
As draft legislation progresses, the RDG will work on user experience, branding and communications, certification, testing and approval procedures, internal rules, risk management, interoperability and implementation. Initial draft legislation has received mixed reviews from various sources.
The ECB has also issued a call for applications to work on individual components of the digital euro. It is seeking vendors to target alias lookup, fraud and risk management, app and software development, offline services, and secure payment exchange. No decision on launching a digital euro will be made until ECB preparations are complete and the appropriate legislation is adopted.
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