Digital Euro: First Chapters of the Rulebook Finally Revealed!

In a move towards the realization of the Digital Euro, the European Central Bank (ECB) provides a detailed update. These updates detail the progress made by the Digital Euro Rulebook Development Group (GDL). This comprehensive report summarizes achievements since the last update in June 2023. That update shed light on the drafting of the initial chapters of the Digital Euro rulebook, in strict compliance with legislative proposals and design decisions approved by the ECB’s Governing Council.

Drafting of the Digital Euro Rulebook

The first draft of the rulebook presents as an intermediate version, encompassing functional and operational models. Also, technical requirements and a membership model. These components detail in a complex manner the end-to-end flows and high-level architecture. As well as the rights and obligations of the system members, in full accord with the current bill. Members of the GDL, representing various stakeholders such as consumers, retailers, and intermediaries, have actively contributed to shaping these aspects.

Collaborative Review and Future Improvements

GDL members proactively engage in the drafting of the rulebook chapters. The initial chapters have already been shared with them for an interim review. This process represents an opportunity for all stakeholders involved to review the rulebook in its current state. Based on feedback received in this process, the GDL plans to make modifications.

The rulebook in its current state is flexible enough to accommodate potential future adjustments. It will be updated in line with the outcome of the Digital Euro legislative process. Throughout the design of the Digital Euro, the GDL will continue its work to finalize the rulebook. It will include additional sections on minimum user experience requirements, branding and communication standards, certification, testing and approval procedures. And finally, internal rules, risk management, interoperability, and implementation specifications.

The journey towards the Digital Euro has reached significant milestones with the unveiling of the first draft of the rulebook. The active involvement of GDL members shows their commitment to the design of the Digital Euro. The upcoming steps promise to further deepen this significant digital advancement in the European monetary landscape.