European Union: Issued first ECB progress report on digital euro preparation phase

On 24 June 2024, the European Central Bank (ECB) released its initial progress report on the preparatory phase for the digital euro, initiated on 1 November 2023, to establish the groundwork for a potential digital currency issuance. The report details advancements in digital euro design and outlines forthcoming project milestones. The ECB noted the commencement of work on methodologies to determine digital euro-holding limits and ongoing provision of technical input in legislative deliberations with European co-legislators, among other activities.