In a step towards the realization of the Digital Euro, the European Central Bank (ECB) offers a detailed update. These relate to the progress made by the Rulebook Development Group (RBL). This exhaustive report summarizes the achievements since the last update in June 2023. The latter informed the drafting of the first chapters of the rulebook, the Digital Euro. And this, in strict accordance with the legislative proposals and design decisions approved by the ECB Governing Council.
Drafting of the Digital Euro rulebook
The first draft of the rulebook is presented as an intermediate version, encompassing functional and operational models. Also, technical requirements and a membership model. These components detail the end-to-end flows and high-level architecture in a complex manner. As well as the rights and obligations of the members of the system, in full compliance with the current bill. GDL members who represent various stakeholders such as consumers, retailers and intermediaries, have actively contributed to shaping these aspects.
Collaborative review and future improvements
GDL members are proactively involved in the development of chapters of the rulebook. The first chapters have already been shared with them for interim review. This process provides an opportunity for all stakeholders involved to review the rulebook in its current state. Based on the feedback received through this process, the GDL plans to make changes.
The rulebook in its current state is flexible enough to accommodate possible future adjustments. It will be updated according to the outcome of the Digital Euro legislative process. Throughout the design of the Digital Euro, the GDL will continue its work with a view to finalizing the rulebook. It will include additional sections on minimum requirements for user experience. Also, branding and communication standards, certification, testing and approval procedures. And finally, internal rules, risk management, interoperability and implementation specifications.
The journey towards Digital Euro reaches significant milestones with the revelation of the first draft of the rulebook. The active involvement of GDL members shows their commitment to the design of the Digital Euro. The next stages of implementation promise to further deepen this major digital breakthrough in the European monetary landscape.
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