ECB calls for input to create digital euro scheme rulebook

The European Central Bank is forming a working group that will consult in the creation of a central bank digital currency (CBDC) rule book for the Digital Euro Scheme. All potential digital euro payments will have to comply with the set of rules created with work on the rulebook commencing in February.

In December, the ECB appointed Christian Schäfer to manage the digital euro scheme rulebook. Now it’s looking for individuals to join the Rulebook Development Group that Schäfer chairs, but they must represent a stakeholder association. The relevant stakeholders include banks, payment providers, as well as the users of a potential digital euro such as consumers, retailers, corporates or SME users. These members will be joined by Eurosystem staff.

Applicants are expected to be nominated by the stakeholder group they represent and have appropriate experience and knowledge to add value. The closing date for applications is January 20.

In recent months the ECB has ramped up its calls for interest. In November, it started canvassing payment industry experts for programmable money use cases for retail payments. Later this month, the central bank plans to start a six-week’ market research’ program to invite CBDC market participants to submit technical design options.

Meanwhile, last year the digital euro project provided updates in September and December, highlighting the current design thinking. The December update made clear that the Eurosystem central banks will be entirely responsible for the settlement of all online transactions, although they won’t have access to customer details. The technology used will be driven by functionality. Additionally, five companies, including Amazon and CaixaBank, are developing user interfaces for the digital euro application.