European Union is moving forward with its plans for a digital euro, or central bank digital currency (CBDC), but some decisions will require support from EU ministers.
The EU sees the digital euro as a way to increase independence from non-European payment solutions and preserve public access to central bank money in the digital world.
The ECB is conducting market research to understand a technical design for the CBDC and has outlined a potential design for the digital euro.
The stakeholders in this system include consumers, intermediaries such as financial institutions, and the ECB and central banks in the region.
The design includes features such as consumer onboarding, data capture, and KYC checks by intermediaries, and issuance of digital wallets.
