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Scheme compatibility digital euro workstream: ECB called for expressions

22 Mar 2023 FinTech

On the March 3rd, the European Central Bank (“ECB”) invited experts in the field of payments to contribute to the drafting of a rulebook for the digital euro scheme, especially in the compatibility workstream scheme.

The core purpose of this workstream is to ensure compatibility with existing scheme solutions. To that end, according to the ECB a collaborative approach is the key to the preparation and eventual success of a digital euro, reason why ECB continuously wants to collaborate with market participants to ensure that everyone bring to the table their views.

Each proposal made by the experts should be accompanied by an impact analysis of the existing scheme solutions, including recommendations for the following sections of the Rulebook: (a) Digital euro scheme scope and interplay: separation between scheme and payment infrastructure, interaction with other payment schemes, including other emerging CBDC schemes; and (b) Technical scheme requirements: interplay with European standardisation initiatives (specifications).

By 17 March, the candidates interested in joining the scheme compatibility digital euro workstream  had to submit their answers (as well as their CVs, and a letter of consent from their employer) in writing to the following questions (to substantiate their credentials for the role): (1) What interest do you have in the success of a digital euro in general, and the scheme compatibility workstream in particular?; (2) What professional experience qualifies you to participate in this workstream?; (3) Which specific payment schemes, standards and specifications should, from your point of view, be considered in the discussion, and why?; (4) Which key enablers and challenges need to be taken into account for a successful collaboration and delivery of the workstream?

Once the experts have been elected, the European Commission maintains its desire to propose a regulation to establish a digital euro in the second quarter of 2023.