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ECB calls on digital ID experts to develop digital euro rules

Wednesday 10 May 2023 14:36 CET | News

The European Central Bank has invited identification and authentication experts to help develop rules for the digital euro.

 

The announcement also revealed that the Chair of the Rulebook Development Group is setting up several dedicated workstreams to support the draft digital euro scheme rulebook. This planned digital currency from the EU will be stored in the EU Digital Identity Wallet, with support for peer-to-peer transactions. 

For now, authorities are setting up a workstream to establish the identification and authentication requirements for the digital currency. Impact assessments for different existing approaches to identification and authentication will also be analysed as part of the workstream. 

Market participants and Eurosystem representatives will be chosen from among candidates nominated by stakeholder associations to offer expertise in strong customer authentication (SCA) and digital identity initiatives. They will also provide insight into implementing customer identity and access management (CIAM) solutions. It’s worth noting that the ECB is looking for candidates who are proficient in English. 

Starting with May 2023, a series of remote meetings will be held, and participants will be expected to take part and contribute to the deliverables. Candidates can submit their resumes and detail their experience in identification and authentication by responding to four related questions by 22 May 2023.

 

The European Central Bank has invited identification and authentication experts to help develop rules for the digital euro.

 

More information about the digital euro 

According to n26.com, the digital euro will become the CBDC of the Eurozone. It was designed to operate in the same way as cryptocurrencies, but it will have some unique characteristics. In essence, the digital euro is a virtual currency that will have legal value guaranteed by the European Central Bank. It will be used alongside banknotes to make payments in the 19 countries of the Eurozone, and it will be used both by businesses and private citizens. 

Evelien Witlox, the ECB’s digital euro program director, revealed during an interview with The Paypers that the project is in the final stretch of the investigation phase, which will conclude in autumn. The end of the investigation phase will include a holistic review, and the final findings, including advice on potential digital euro issuance, design, and implementation, will be presented to the ECB’s Governing Council, which will decide whether or not to launch the next phase of the project. 

This decision, to be made in autumn 2023, will be distinct from the decision on a digital euro issuance that could be taken only once the legislative process, initiated by the European Commission, has concluded. 


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Keywords: CBDC, cryptocurrency, online authentication, digital identity
Categories: Fraud & Financial Crime
Companies: European Central Bank
Countries: Europe
This article is part of category

Fraud & Financial Crime

European Central Bank

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