The purpose of the selection process is to establish framework agreements with the most suitable external providers to ensure that the Eurosystem is prepared to start developing a digital euro in the future if warranted.
The ECB published a second update on the work of the Rulebook Development Group (RDG).
Over the past ten months, the RDG3 has been working on a draft digital euro rulebook consisting of a single set of rules, standards and procedures for digital euro payments across the euro area.
While the proposed regulation will establish the essential features of a digital euro, the rulebook will outline how to implement the regulatory provisions with technical standards and procedures.
This first draft is an intermediate version that includes the functional, operational and adherence models envisaged for the digital euro scheme, technical requirements for the scheme’s high-level architecture, and some proposed standards.
It has been prepared based on input from RDG members representing consumers, retailers and intermediaries, who have been working in dedicated workstreams on the topics that require their particular expertise.
The first draft version of the rulebook has been shared with RDG members for an interim review, which is an opportunity for all stakeholders involved to thoroughly review the rulebook as it currently stands. Based on the feedback received as part of this review, the RDG will consider further adjustments as required.
As of January 2024, the RDG will focus on preparing an expanded and updated draft, which will comprise additional chapters and be finalised over the course of the digital euro preparation phase. The draft rulebook will be sufficiently flexible to accommodate any future adjustments, and will be updated in accordance with the outcome of the digital euro legislative process.
The ECB will in the coming weeks start the selection process for potential providers of digital euro components and related services.
The purpose of the selection process is to establish framework agreements with the most suitable external providers to ensure that the Eurosystem is prepared to start developing a digital euro in the future if warranted. The framework agreements resulting from this process would cover only some of the envisaged digital euro services. Other components, such as payment settlement, would be sourced internally within the Eurosystem.
The outcome of the public tender procedure will be published on the ECB’s website.
„Let me emphasise that the ECB is not at this stage committing to launch any of the development work. At the same time, closer engagement with external providers will provide the ECB with insights into the technological options available, enabling it to make informed decisions regarding the technological design of a digital euro. This is particularly crucial for components that are not yet on the market, such as offline functionality.” said Piero Cipollone – Member of the Executive Board, in a public letter to Ms Irene Tinagli – Chair of the Committee on Economic and Monetary Affairs (ECON) – European Parliament.
„Let me reassure you that the framework agreements will be sufficiently flexible to accommodate any future adjustments that may be necessary, for example as a result of legislative deliberations. A possible decision by the ECB’s Governing Council to issue a digital euro could only be taken after the legislative act has been adopted.” Cipollone added.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
