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ECB report on digital euro: investigation phase halfway complete

 


The two-year investigation phase of the digital euro project of the European Central Bank (ECB) called Eurosystem is halfway through. The ECB published a progress report on September 29th covering design and policy issues that are under consideration or have already been decided.


According to the report , trading in physical stores and online is the largest use case for a Euro Central Bank digital currency (CBDC). Currently, most digital payment solutions are limited in their reach and do not come from Europe. Therefore, a digital euro could harmonize payment solutions and strengthen Europe's strategic autonomy, as envisaged in the policy objectives. The report goes on to say:


"A digital euro would preserve the role of public money as the anchor of the payment system in the digital age. This would ensure the smooth coexistence, convertibility and complementarity of the different forms of money."

The Governing Council has approved the exploration of online payments validated by a third party as part of a first digital euro issuance, as well as an offline solution with peer-to-peer validation without a time limit. Online peer-to-peer solutions will not be further explored at this stage.


Anti-money laundering requirements and the desire to limit the use of CBDC for investments prevent complete anonymity with the digital euro. But the report says a digital euro would have similar privacy rules as current digital payment options. Greater privacy for low-value, low-risk transactions is also possible.


The digital euro will limit large holdings for reasons of financial stability and will be designed to limit its use as an investment vehicle. The Governing Council has approved a waterfall mechanism that will allow digital euro holdings that exceed the threshold to be transferred to a commercial bank account. An offline holding period can also be set. A "wide range of instruments" will feed into the concept to respond to future financial conditions.


In the first quarter of 2023, the European Commission intends to propose a regulation for the introduction of the digital euro. The Governing Council will decide in October 2023 whether to continue development and testing. This phase can last about three years.

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