Reserve

The Eurosystem has published a survey on its plans for trials and experiments on new technologies for wholesale central bank money settlement.&nbsp;
The <a href="https://www.ecb.europa.eu/paym/intro/news/ecb.dedocs231013_annex.en.pdf" data-type="link" data-id="https://www.ecb.europa.eu/paym/intro/news/ecb.dedocs231013_annex.en.pdf" target="_blank" rel="noopener noreferrer nofollow">survey</a> aims to gather feedback from market participants and stakeholders on the potential benefits, challenges, and use cases of a wholesale central bank digital currency (CBDC) that would facilitate cross-border payments and financial market infrastructures.
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The survey, which is open until Nov. 15, covers four main topics:
<ul>
 <li>The current state of play and challenges in cross-border payments and financial market infrastructures.</li>
 <li>The possible features and design options of a wholesale CBDC.</li>
 <li>The potential impact and implications of a wholesale CBDC on the financial system and the economy.</li>
 <li>The possible scenarios and use cases for testing and experimenting with a wholesale CBDC.</li>
</ul>
The <a href="https://crypto.news/ecb-executive-fabio-panetta-aims-for-digital-euro-expansion/" data-type="link" data-id="https://crypto.news/ecb-executive-fabio-panetta-aims-for-digital-euro-expansion/" rel="noopener noreferrer nofollow">survey</a> is part of the Eurosystem’s ongoing work exploring the feasibility and desirability of issuing a digital euro for retail and wholesale purposes. The Eurosystem has already launched a public consultation on a retail digital euro, which would complement cash and offer a secure, accessible, and innovative means of payment for the general public. The results of the consultation will be published in early 2024.
The Eurosystem has also published a report on the digital euro’s legal, technical, and policy aspects. It outlines different scenarios that could require the issuance of a CBDC and presents various design options and their implications. The report states that a digital euro would be an electronic form of central bank money accessible to all citizens and firms. It would not replace cash but rather complement it as a means of payment. It would ensure privacy, security, efficiency, and interoperability within the European payments system.
The Eurosystem stresses that a decision has yet to be made on introducing a digital euro. The survey and the analysis of its results will be an essential input for such a decision. The Eurosystem will also conduct experiments and engage with other central banks and authorities to explore the feasibility and implications of a <a href="https://crypto.news/federal-reserve-governor-dampens-prospects-for-future-cbdc/" data-type="link" data-id="https://crypto.news/federal-reserve-governor-dampens-prospects-for-future-cbdc/" rel="noopener noreferrer nofollow">CBDC</a>.
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ECB launches survey towards CBDC development

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