The European Central Bank continues its work on the digital euro.
The central bank, however, has not committed to the launch of an asset based on blockchain technology.
European Central Bank Publishes Progress Report
While the European Central Bank (ECB) continues its work on the digital euro, it has also published a progress report on the subject.
The report laid out four key issues, roughly in line with the ECB’s timetable set for it, which will culminate in a decision on whether to move to the realization phase of work in the third quarter of 2023.
The report summarized the roles of the Eurosystem and intermediaries. Accordingly, while intermediaries are responsible for the role for users, the central banks that make up the Eurosystem will also be responsible for verifying, recording, correcting errors, all of which are carried out correctly.
However, the report emphasized that a potential digital euro would be designed to minimally process user data.
The report also stated that the ECB is not dependent on blockchain technology.
“Eurosystem may rely on traditional technology, distributed ledger technology, or a combination of both for its swap activities.
Eurosystem has not yet decided on the most suitable technology for the digital euro.”
