Home Business EU receives unexpected help to launch digital euro

EU receives unexpected help to launch digital euro

EU receives unexpected help to launch digital euro

The International Business Machines Corporation, better known as IBM, supports the European Union (EU) in realizing the digital euro. IBM is a global technology company that provides hardware, software and services solutions for information technology. 5 members of the company’s consulting branch have a number of optimizations recommended for legislation on a digital euro. Below you can read a brief overview of the most important proposals.

flexibility and standardization

IBM’s first proposal is to build on existing tracks. Although this point is already included in the European Commission’s proposal, the consultants see room for further expansion. They stress that simplicity and recognizability are essential for the first adoption of the digital euro to become a reality.

IBM also points out how important it is to design the digital euro in such a way that it meets the needs of intermediaries. The future structure of the digital euro must be able to accommodate a diverse and multi-layered system of intermediaries. This means that when designing the digital euro, the various parties involved in financial transactions (intermediaries) such as banks, payment providers or other financial service providers must be taken into account.

According to the consultants, standardization is also essential to promote integration and competition. This means that so-called application programming interfaces (APIs) must comply with the general rules. An API is a set of definitions and protocols that allow software applications to communicate with each other.

In addition, the technology company has pointed out Blockchain The technology offers the most advantages for tracking the digital euro ledger. IBM noted that others Distributed Ledger Technologies (DLT) can also offer a solution.

Introduce the digital euro step by step

Finally, the consultants recommend gradually introducing the digital euro sandbox environment and a minimal viable product (MVP). For faster time to market, it is recommended to start with a minimum viable product and use a sandbox to manage the complexity of the digital euro operating environment.

This is important to test the product in a controlled environment, get feedback from users, and identify and fix problems early.

No Comments

Leave A Reply

Please enter your comment!
Please enter your name here

Exit mobile version