[Ripple CBDC consultant highlights key features of digital euro]
The European Central Bank (ECB) recently published an update detailing the progress of the digital euro project since the launch of its preparatory phase in November 2023. This phase aims to build on previous results and lay the foundation for a digital euro that could be launched in October 2025.
The current focus is on finalizing the rulebook and selecting vendors to develop the necessary platform and infrastructure.
Ripple’s CBDC advisor Anthony Welfare spoke at the event, highlighting the key features and continued progress of the digital euro project. He pointed out that significant progress has been made in privacy protection, the development of offline functions and the formulation of standard rules for digital euro payments.
For example, for online digital euro payments, privacy measures will ensure that European systems, as issuance and payment infrastructure providers, cannot directly link transactions to specific individuals. Offline privacy is also a focus. Only the payer and payee can know the details of offline transactions.
In addition, the new currency's offline functionality will allow users to make payments without an internet connection, provided they have pre-funded their digital euro account via the web or an ATM.
Welfare’s comments come on the heels of Ripple’s significant involvement in the initiative, with the company serving as a gold sponsor at February’s Digital Euro conference, which covered a number of important topics including design, legal considerations and cross-border payments.
