The European Central Bank (ECB) provided a status report on its central bank digital currency (CBDC) work. Key digital euro decisions so far include:
Today ECB board member Fabio Panetta also set out a plan for a digital euro scheme involving a set of rules, practices and standards with plans to start working on a rulebook.
Regarding the digital euro transfer mechanism, most payments will be executed online with third party validation by intermediaries or payment firms. Where payments are offline, there will be peer-to-peer validation. However, offline payments will only be allowed for low value, low risk, close proximity transactions. Peer-to-peer validation of online transactions has been dismissed as too experimental.
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