On Monday, the European Central Bank (ECB) published the third progress report on the digital euro, outlining some design and distribution options for the central bank digital currency (CBDC). Initially, the digital euro would only be accessible to euro area residents as well as non-resident citizens with a euro area bank account or payment app. Intermediaries will include banks, emoney providers and payment providers. And additional services, such as conditional payments, could be offered by payment service providers (PSPs).
The digital euro would only be available to euro area residents, merchants, and governments in its initial release. Non-resident euro area citizens could also gain access, provided they have an existing relationship with a euro area bank or payments firm. But consumers in the wider European Economic Area (EEA) and selected third countries might only gain access as part of subsequent releases.
Certain limits would apply to control the amount of digital euro in circulation, including restrictions on multiple accounts via a single account identifier, irrespective of the payment provider.
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