In a rapidly evolving financial landscape, the introduction of the digital euro has captured the attention of professionals across the sector. As the BESIDE project focuses on assisting financial professionals navigate the intricacies of blockchain and digital financial services, it’s crucial to stay updated with such pivotal changes.
The Institute of International Finance (IIF) recently evaluated the European Commission’s proposed legislation concerning the digital euro. The assessment was not all roses. While the bill presented in June was assessed across seven areas, the IIF found that six of these were only “partly addressed”. Notably, certain aspects like privacy controls, Anti-Money Laundering, and cybersecurity measures for the digital euro remain undefined, highlighting potential challenges for Payment Service Providers (PSPs) and other institutions. There’s also ambiguity regarding governance and the roles of the European Central Bank (ECB) as both a regulator and operator.
Furthermore, the IIF emphasized the importance of interoperability, suggesting that the Central Bank Digital Currency (CBDC) should seamlessly operate on platforms that host other digital currencies.
These revelations underscore the importance of professionals being adept in not just the technological aspects but also in understanding the legislative and policy nuances. This is where BESIDE steps in, aiding professionals in staying ahead of the curve.
The digital transformation journey is complex, but with the right knowledge and resources, navigating it becomes smoother. The BESIDE project, funded by Erasmus+, is tailored to ensure that professionals are equipped with both the skill set and the latest insights.
The evolving nature of the digital euro legislation resonates with the BESIDE project’s goals of ensuring financial professionals are primed for the digital age. As the landscape of digital financial services shifts, it’s paramount to stay informed and prepared. We invite you to delve deeper into these topics and discover more about our initiatives at BESIDE Project.