Just-In: Digital Euro Project: Experts To Finalize Roadmap Next Week
The European Central Bank (ECB) is organizing an online technical talk next week to explore the design of the Digital Euro. The ECB event could see experts from blockchain, crypto, and financial technology firms help the central bank finalize a privacy-focused digital euro design.
Experts to Discuss the Digital Euro Design
The ECB has low confidence in cryptocurrencies and would rather want to launch a central bank digital currency (CBDC). The central bank has invited experts to join for a technical talk on July 20 to seek design options for the Digital Euro.
The talk will largely focus on the application of a privacy-based CBDC in settlements of retail payments. Moreover, experts will discuss how payment asset issuers will settle transactions while maintaining security and preventing access to transaction details.
Furthermore, experts will explore the available examples of large-scale applications and back-end IT architecture to support private transactions.
“The talks will be held at expert level as closed sessions with members of the ECB’s digital euro project team. Each talk will comprise a presentation lasting 20 minutes, followed by 25 minutes for questions and answers approximately.”
The crypto market crash led ECB to reaffirm its negative stance on crypto. The ECB’s President Christine Lagarde had even referred to crypto as “worth nothing.”
Last October, the ECB started studying prospects of launching a central bank digital currency for the Euro region. The latest talk will help ECB plan digital euro design and its distribution to retailers and the public. After the completion of the phase, Eurosystem will decide on developing a digital euro.
The ECB Concerns Over Stricter Crypto Regulations
The ECB has always called for stricter crypto regulations due to increased risks in the crypto market. The Markets in Crypto-Assets (MiCA) rules will help increase oversight, investor protection, and environmental safeguards for crypto-assets.
Recently, the ECB joined the European Commission to issue a warning over the need for regulating the crypto market. The decision came after witnessing an increased adoption of cryptocurrencies and expansion by crypto companies.
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