The European Central Bank (ECB) aims to ensure that the digital euro meets the needs of end users, with 70 market participants conducting technical tests on some of its payment features.
The ECB released its third interim report today on the preparation phase of the digital euro, which began in November 2023, laying the groundwork for its potential launch.
The ECB is progressing with drafting the rulebook for the digital euro to harmonize digital euro payments across the eurozone.
In this process, the ECB has gathered extensive feedback from representatives of the European retail payments market.
“We are pleased to see that our efforts remain on track as we work to meet the European Union leaders’ request to accelerate progress on the digital euro,” stated Piero Cipollone, a member of the ECB Executive Board.
“Given the current geopolitical and economic challenges, we welcome an ambitious pace of legislative work,” Cipollone added, who chairs the high-level working group on the digital euro.
“The ECB has also intensified experimentation and research with users to ensure that the digital euro meets end users’ needs,” the bank stated in a release.
On an ECB innovation platform, approximately 70 market participants conducted technical tests on features such as conditional payments and explored conceptual ideas and use cases for integrating the digital euro into the financial ecosystem.
Simultaneously, the ECB seeks to understand the needs, preferences, and challenges of different user groups to ensure the digital euro design is as inclusive and accessible as possible.
Therefore, the ECB is in direct contact with small businesses, vulnerable consumers, and underrepresented groups, conducting interviews or collaborating with consumer associations.
The ECB, which also provides specialized technical expertise to European institutions and updates finance ministers through the Eurogroup and the European Parliament, will publish results in the third quarter of 2025.
