The project aims to strengthen the eurozone's payment infrastructure and reduce dependence on foreign payment giants like Visa and Mastercard. A recent progress report outlines key developments in this endeavor.

New Partnerships and Rulebook on Focus
Central to the project is the development of a Digital Euro Rulebook. This document aims to standardize payment processes across the eurozone and provide a consistent user experience.

Following an interim review involving a diverse group of stakeholders, including consumers, retailers, and payment service providers, the ECB revised its plans and established seven new workstreams. These include areas such as user experience standards and risk management protocols, which are essential for the digital euro's success.

Collaborations with merchants, fintech companies, payment providers, and academic institutions have enabled the testing of features such as conditional payments, where transactions are automatically triggered by predefined conditions. A comprehensive report summarizing these tests is expected by July 2025.

The ECB has also concluded a call for applications to identify potential providers for digital euro components. Selected bidders have been invited to submit tenders, with the results anticipated in 2025. These European partnerships will be critical for developing a seamless infrastructure to support the digital currency.

Understanding consumer preferences is a cornerstone of the ECB's strategy in Europe. Research into user needs is guiding the digital euro's design to ensure it provides an accessible payment option.

However, with that said, not everybody is on board with the idea. Many argue that introducing CBDCs may not be the best move, likening it to a new kind of "serfdom."