FRANKFURT - The European Central Bank (ECB) is taking significant steps towards the creation of a digital euro, working on a comprehensive rulebook that will outline the operational frameworks and standards for digital currency exchanges within Europe. The ECB's initiative is designed to integrate a digital euro into the current financial system, complementing the circulation of physical cash and offering a unified payment solution across various scenarios.
The development of the digital euro rulebook is a collaborative effort, incorporating feedback from a wide range of stakeholders, including consumers and merchants. The draft is under active review and will be further refined to ensure it covers critical aspects such as user experience, branding, and the capacity to adapt to potential legislative changes.
ECB President Christine Lagarde has highlighted the preparatory stage for the digital euro, which is expected to span two years. This period will be crucial for laying the groundwork and ensuring that the digital euro can meet the diverse needs of the European economy while maintaining high standards of risk control and communication.
As the ECB progresses with this digital currency project, future updates to the rulebook will include detailed guidelines on communication protocols and risk management strategies essential for the security and efficiency of the digital euro system.
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