ChainCatcher news, according to Jinshi reports, ECB Executive Board member Fabio Panetta stated that while central banks have long provided central bank money for wholesale transactions, we do not yet have a digital form of cash. As the use and acceptance of cash decline, this issue is becoming increasingly prominent. Therefore, the European Commission has proposed a legislative initiative to ensure the acceptance of cash, and the ECB is also committed to maintaining the widespread availability and accessibility of euro cash.Nevertheless, the trend of reducing the use of banknotes in everyday transactions may continue, reflecting the digitalization of economic activities and the patterns of many developed economies. We must act swiftly to address the risks posed by Europe’s current inability to ensure the integration and autonomy of its retail payment systems. This is a key motivation behind the digital euro project: to bring central bank money into the digital age, providing digital currency equivalent to banknotes and strengthening our monetary sovereignty.

ChainCatcher news, according to Bitcoin.com, the German public holds a strong skepticism towards the digital euro, especially among older users who prioritize privacy and security in financial transactions. The President of the German central bank (Bundesbank), Joachim Nagel, stated that cash is "sacred" in Germany, reflecting deep-rooted concerns about losing control over personal finances.The European Central Bank (ECB) plans to address these concerns through robust privacy measures, but doubts still remain. Although ECB President Christine Lagarde insists that the digital euro will coexist with physical cash, many elderly Germans are worried about reliance on technology and potential privacy breaches.

ChainCatcher news, according to Cointelegraph, several pro-cryptocurrency parties gained seats in the European elections. From June 6 to 9, over 185 million people from the 27 EU member states voted to elect candidates for the new European Parliament (the EU's legislative body) for a five-year term. This key event will determine the political direction of the EU for the next five years, with cryptocurrency and blockchain being no exception.Election results: The Christian Democratic Party won 10 seats, while the Social Democratic Party remained stable, losing only 4 seats, and the pro-business (and pro-cryptocurrency) European People's Party lost 23 seats. The Greens also suffered setbacks, losing 18 seats, while far-right parties made significant gains.Given the diverse composition of the parliament, debates and potential adjustments regarding frameworks such as MiCA are expected. The presence of far-right and conservative parties adds complexity, with some of these parties expressing skepticism towards the digital euro and prioritizing strict anti-money laundering measures. Meanwhile, smaller groups like the Greens and the Left emphasize environmental issues and social justice in digital finance.

ChainCatcher news, a survey conducted by the Deutsche Bundesbank regarding 2012 individuals shows that 50% of respondents stated they would "definitely" or "probably" consider using the digital euro if it were an additional payment method.Three-fifths of German respondents indicated that they had "never heard, read, or seen" anything about the digital euro. Among those who had heard of the digital euro, 16% believed it to be a cryptocurrency. Only 17% of respondents correctly identified it as a central bank digital currency (CBDC). The president of the Deutsche Bundesbank emphasized the need for better education about this digital currency and stated that "a lot of information still needs to be provided."Meanwhile, the European Central Bank (ECB) announced that the digital euro could be used offline, with transaction details "known only to the payer and the payee"; it is currently in the preparation stage, expected to be completed by October 2025, focusing on determining rules and identifying potential issuers.

ChainCatcher news, according to Cryptoslate, the digital euro project has passed the preliminary investigation phase (October 2021 to October 2023), focusing on concept definition, technical exploration, and design solutions.It is reported that the current preparation phase (November 2023 to October 2025) includes finalizing the scheme rulebook, selecting service providers, learning through experimentation, and further research on offline functionality and testing and launch plans.In addition, the European Central Bank will only consider the decision to issue a digital euro after the EU's legislative process is completed. The digital euro may be launched in November 2025.

ChainCatcher news, the European Central Bank (ECB) has committed to introducing upgraded privacy measures for the digital euro, ensuring robust data protection and privacy standards. The proposed regulation aims to establish a single access point to verify users' holdings of digital euros, specifically the holding limits.The ECB, in collaboration with the European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS), has proposed recommendations to maintain strict personal data protection. These recommendations include processing only necessary personal data, avoiding excessive concentration of such data, and introducing a so-called privacy threshold for online transactions to curb tracking for anti-money laundering purposes.It is reported that the concept of the digital euro is to facilitate electronic payments for individuals both online and offline, while prioritizing privacy and data protection.

ChainCatcher news, according to DLnews, the European Central Bank is preparing to pay €1.3 billion to private sector partners to help develop the digital euro. The selected partner institutions will not only be tasked with developing an application for the digital euro, but they will also provide offline payment solutions and manage fraud.The European Central Bank stated that it will seek partners for five independent programs. The budget for developing offline payments is the highest, reaching €662 million, followed by risk and fraud management, with a budget of €237 million. In addition, the central bank "does not commit to initiating any of the development work listed."

ChainCatcher news, Quantoz Payments, a payment subsidiary of the Dutch blockchain company Quantoz, has obtained an Electronic Money Institution (EMI) license issued by the Dutch Central Bank and is authorized to issue the regulated and programmable euro currency EURD on the Algorand network.It is reported that EURD and its electronic money services are expected to be available to all businesses and consumers within the European Economic Area by the end of this year.

ChainCatcher news, according to CoinDesk, European Central Bank President Lagarde revealed to lawmakers of the European Parliament's Economic and Monetary Affairs Committee that "until the end of October, the (European Central Bank) Governing Council will decide whether we can continue to advance more pilot projects for the digital euro. The pilot could take at least two years until it is finalized."

ChainCatcher news, according to CoinDesk, the EU legislation required to support the digital euro, originally scheduled for release on June 28, has been postponed. The European Commission did not provide a reason for the delay or a new release date.Previous news, the EU was originally set to release the digital euro CBDC bill on June 28, which would prohibit the use of the digital euro for paying interest or additional fees. (Source link)

According to ChainCatcher news, a draft law seen by CoinDesk indicates that the European Commission will release the EU Digital Euro Bill on June 28, which will prohibit the use of the digital euro to pay interest or fees. Furthermore, the bill states that from the first issuance of the digital euro CBDC, cash offline payments must be supported to protect privacy, and users cannot program it to restrict subsequent use. For offline transactions, neither the European Central Bank nor payment service providers can access personal transaction data, and banks distributing the digital euro can send detailed information about the source of account funds to financial crime authorities in cases of suspected money laundering. (CoinDesk)

ChainCatcher news, the European Central Bank (ECB) has finalized the prototype of the digital euro and is set to make a decision later this year on whether to develop the digital euro in a new format.The European Central Bank stated that the design of its potential central bank digital currency (CBDC) could promote innovation, but it seems to hold more skepticism towards the use of Web3-style distributed ledger technology and smart contracts. (source link)

ChainCatcher message, the European Central Bank (ECB) has released the third progress report on the design of the digital euro, which examines the access and distribution options for the digital euro approved by the ECB Governing Council. In this model, digital euro users will be registered by payment service providers (PSPs) according to their established procedures (such as KYC). In-store sales can be conducted using QR codes or contactless technology, and online payments and offline functionalities will also be possible. PSPs will be able to offer optional and value-added services, such as installment payments or recurring payments. Furthermore, after the launch of the digital euro in the euro area, cross-border transfer capabilities may be enhanced. (source link)

ChainCatcher news, according to Jin10, the European Central Bank stated that the digital euro could be offered through existing banking applications and the euro system application. The digital euro may initially be available to residents, merchants, and governments in the eurozone. (source link)

ChainCatcher news, according to Jin10, ECB board member Lane stated that a decision on the digital euro is expected to be made in the fall. (source link)

ChainCatcher news, ECB Executive Board member Fabio Panetta stated to the EU Parliament's Economic Committee on Monday that the decision-making power regarding the privacy of the digital euro will be left to EU lawmakers, as policymakers need to balance public and private interests. The European Central Bank's investigation phase for the digital euro is already halfway through, and a decision will be made in October on whether to enter the implementation phase to develop and test technological solutions and business strategies for CBDC. The European Commission is expected to propose a plan regarding the digital euro in the second quarter of 2023. (The Block)

ChainCatcher news, the European Commission has proposed a draft law requiring banks in EU member states to provide instant euro payment services at the same (or lower) cost as existing credit transfers, aimed at increasing public trust in real-time payments and improving the efficiency of sanction screening processes. EU Financial Commissioner Mairead McGuinness stated that instant euro payments could release up to €200 billion locked in the financial system within a day.Additionally, under the supervision of the European Central Bank, a prototype of the digital euro is being developed, with project assessments and results expected to be published in March 2023. (source link)

Chain Catcher News, the European Central Bank (ECB) recently released the "Progress Made in the Investigation Phase of the Digital Euro." Regarding the design of the transfer mechanism used to verify transactions, the ECB stated that the euro system will further explore solutions for the digital euro, where transactions will take place online and be verified by third parties. The Council also approved the continued exploration of peer-to-peer verification solutions for offline payments.The ECB also indicated that several measures need to be taken before the introduction of the digital euro. In the first quarter of 2023, the European Commission will propose a legal framework for establishing the digital euro. The next design steps must make decisions on settlement models, distribution models, the role of intermediaries, and funding arrangements. The Council will decide in the fall of 2023 whether to enter the implementation phase to develop and test the technical solutions and business arrangements for the digital euro. (Source link)

Chain Catcher News, the European Central Bank announced that it will collaborate with five companies to develop potential user interfaces for the digital euro. Amazon is one of the selected five companies, along with Spain's CaixaBank, France's Worldline SA, Italy's Nexi, and the banking group EPI, with each institution focusing on specific use cases for the digital euro. The prototype design work is an important component of the ongoing two-year investigation phase of the digital euro project, which is expected to be completed in the first quarter of 2023, at which point the European Central Bank will also announce the results of the investigation.Earlier, the European Central Bank had chosen Nexi to develop the front-end prototype for digital euro payments. (Source link)

According to ChainCatcher news, as reported by Finextra, the European Central Bank has selected the European payment technology company Nexi to develop a front-end prototype for payments using the digital euro.In the coming months, a dedicated, multidisciplinary team of Nexi experts will work closely with the European Central Bank's digital euro project team to explore front-end technological solutions for digital euro payments. (Source link)