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ECB publishes progress report on digital euro and study on possible features of a digital wallet
April 24, 2023
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24 April 2023

  • Digital euro potentially available initially to euro area residents, merchants and governments
  • Digital euro could be made available via existing banking apps and Eurosystem app
  • Offline and person-to-person payments across euro area seen as highly valued

The European Central Bank (ECB) today published the third progress report on the digital euro, as well as the findings of focus groups commissioned by the ECB concerning people’s views on the features of a potential digital wallet.

The progress report presents a third set of design and distribution options, endorsed by the ECB’s Governing Council, that would feed into the overall design of a digital euro. In its initial releases, a digital euro would be accessible to euro area residents, merchants and governments. Non-resident euro area citizens might also have access, provided that they held an account with a euro area-based payment services provider (PSP). In further releases, consumers from selected third countries could also have access, depending on accessibility rules to be set out in the legislative framework for a digital euro. The report also anticipates the potential provision of cross-currency functionalities with other central bank digital currencies outside the euro area.

The Governing Council also proposes that a digital euro could be distributed via PSPs, as defined in the Payment Services Directive (PSD2). A digital euro could be made available to euro area residents via existing banking apps or via an app provided by the Eurosystem offering a harmonised entry point for basic payment functionalities provided by PSPs. Supervised intermediaries – e.g. banks distributing digital euro – would be required to provide a set of mandatory core services to end-users and could offer additional services. These could include conditional payments or the ability to split person-to-person payments among multiple parties.

The report also indicates that the design of the digital euro would be adjusted, as needed, to comply with the legal framework to be adopted by European co-legislators.

The ECB has today also published the findings of a commissioned study using focus groups to evaluate people’s views on specific features of a potential digital wallet. The study found that most participants were interested in trying some of the digital wallet features presented. The concrete findings are relevant to the design features of a possible digital euro.

The study shows that person-to-person money transfers – available throughout the euro area – are considered an essential feature for a digital wallet. Offline payments, which are currently not widely available, are deemed a useful feature when, for example, someone has limited connectivity. Participants also valued budget management tools and conditional payments, including payment on delivery and pay-per-use.

This qualitative study, based on data from focus groups and in-depth interviews, was conducted in all euro area countries from December 2022 to January 2023. Participants included (i) members of the general public, (ii) people with knowledge of technology, (iii) small and larger merchants and retailers, and (iv) individuals with limited access to banking services or the internet.

“We value the views and needs of our fellow Europeans very highly. We listen to them. The digital euro project is for the people of Europe”, said Executive Board member Fabio Panetta, who chairs the High-Level Task Force on a digital euro. “The Eurosystem is committed to ensuring a digital euro would be fit for purpose in a digital economy. The findings from these reports will feed into our decision on the future of the project, which will be taken in the autumn.”

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🔹 Project Launch: SWIFT and Consensys are collaborating on a conceptual prototype for a shared blockchain ledger designed to facilitate secure, real-time transactions between financial institutions. The initiative will start with a focus on regulated tokenized value and real-time global payments, leveraging SWIFT's robust reputation in global finance.

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SWIFT has chosen to work with Consensys on a prototype for its groundbreaking blockchain-based ledger, aiming to bring its hallmark security, resiliency, and scalability to the world of tokenized digital finance. This marks a pivotal step in extending SWIFT’s trusted platform into a new era of 24/7, instant cross-border payments and digital asset settlement.

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This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

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This is not merely a fleeting trend; it's a crowning moment in global adoption. The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."

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US Dept of Commerce to publish GDP data on blockchain

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While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain are EternlTyphonVesprYoroiLaceADAliteNuFiDaedalusGeroLodeWalletCoin WalletADAWalletAtomicGem WalletTrust and Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

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XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

 

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