ECB calls for digital ID, authentication experts to develop rules for digital euro
The European Central Bank is inviting experts in identification and authentication to contribute to the development of rules for the digital euro.
A ‘workstream’ is being set up to establish identification and authentication requirements for the digital currency, with the goal of enabling best-in-class user experience and security. Impact assessments for various existing approaches to identification and authentication will also be carried out.
The EU’s planned digital currency is expected to be stored in the EU Digital Identity Wallet, with support for peer-to-peer transactions.
The Chair of the Rulebook Development Group is setting up several dedicated workstreams to support the draft digital euro scheme rulebook, according to the announcement.
Market participants and Eurosystem (EU monetary authority) representatives will be chosen from among candidates nominated by stakeholder associations to provide expertise in strong customer authentication (SCA), digital identity initiatives, and implementing customer identity and access management (CIAM) solutions. Candidates proficient in English are sought.
Remote meetings will be held frequently over a two-month period starting this May. Participants are expected to take part in all meetings, and contribute to the project deliverables.
Candidates are asked to submit a CV detailing their experience in identification and authentication, with responses to four related questions, by May 22, 2023. Further details are available at the ECB website.
The digital euro is differentiated from cryptocurrency by issuance from the central bank, which has a mandate to ensure the currency’s value.