FRANKFURT, Germany—The European Central Bank (ECB) has announced it will finalize design of a digital euro in the second half of this year as it publishes its second progress report on the project.
The report details a second set of design and distribution options that were recently endorsed by the ECB's Governing Council, according to Finestra, and describes:
- The role of intermediaries, responsible for the onboarding of end-users, anti-money laundering checks and consumer-facing services, such as payment initiation solutions
- The settlement model, which defines who will settle online or offline transactions
- The way in which funding and defunding will take place to allow users to convert cash and money from a bank account into digital euro
- The distribution model
Additional Assessment
The Central Bank added that it will assess a further number of design and distributions options before presenting a full report to the Governing Council later this year, according to the report.
“Should the project get the green light, EU citizens are unlikely to get their hands on a digital euro until 2026 at the earliest,” Finextra said.
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