Individuals and organisations have published an open letter to propose a roadmap for implementation for a digital programmable Euro. Supporters include academics such as Prof. Dr. Philipp Sandner and Philipp Schulden from the Frankfurt School Blockchain Center and technology entrepreneurs such as Christopher May from Finoa. Please find the open letter and its supporters here.
The open letter proposes a cash-equivalent digital payment system for consumers, industrial companies, financial organisations, and retailers. It should be based on Distributed Ledger Technology (DLT) and allow the use in smart contracts, work across multiple ecosystems, operate with IoT devices, allow near-real-time settlements, and be internationally valid.
While such a system cannot be established in the short term, a long-term plan is proposed for its implementation. Knowledge should be built among financial institutions, regulators, supervisors and central banks during the course of this year before developing a DLT-enabling payment API that connects legacy payment infrastructure (i.e., IBAN accounts) with DLT networks. This should lead to the establishment of a Euro token standard to be issued on various DLT networks. The final goal is a ECB-issues digital programmable Euro.