Digital Euro Innovation Platform Outcome Report: Pioneers and Visionaries Workstreams (ECB)
The European Central Bank (ECB) published a report on the digital euro innovation platform, established in October 2024 to foster collaboration with diverse stakeholders. The platform included “pioneers” (focused on technical trials) and “visionaries” (exploring long-term innovation). Visionaries proposed features such as integrated electronic receipts, pay-on-delivery systems, AI-powered wallets, and inclusive payment interfaces, emphasizing privacy and accessibility. Pioneers verified the technical feasibility of conditional payments, demonstrating how reservation-of-funds infrastructure could unlock advances in e-commerce, transport, public services, and business payments. Due to broad engagement and interest, the ECB will initiate a second round of experimentation in early 2026 to maximize further innovation and collaboration. [Source: ECB]
EU Finance Ministers Reach Agreement on Digital Euro Next Steps (European Commission and European Council)
European Central Bank (ECB) President Christine Lagarde and European Commissioner Valdis Dombrovskis reached an agreement on the next steps for the digital euro, at a meeting of European Union (EU) finance ministers (the “European Council”) on September 18-19, 2025. Dombrovskis noted that, while progress has been slow but steady over the past two years, there is now increased urgency to resolve open issues and reach political consensus. He noted that a political agreement on the institutional framework for setting holding limits had been reached, ensuring that both the Council and the ECB have a role, which injects fresh momentum toward reaching a common approach by end-2025. Paschal Donohoe, the President of the Eurogroup of Eurozone finance ministers, confirmed that ongoing legal drafting will continue under the Council Presidency, with further presentations to ministers expected. [Source: European Commission and European Council]
e-CNY International Operation Center Officially Launched in Shanghai (PBOC)
The People’s Bank of China (PBOC) officially launched the e-CNY International Operation Center in Shanghai, introducing three key business platforms: the Cross-Border Digital Payment Platform, the Blockchain Service Platform, and the Digital Asset Platform. This initiative aims to bolster cross-border connectivity and showcase Shanghai’s role as an international financial center. The center, managed by the Digital Currency Institute of the PBOC, is tasked with building and operating infrastructure supporting e-CNY’s international use and fostering digital financial innovation. [Source: PBOC]
The Money Dialogues: The Meaning of Money, Innovation, and Stability (IMF)
The IMF’s Finance & Development published an article by Tommaso Mancini-Griffoli on the risk of stablecoin fragmentation that makes direct exchange costly or cumbersome. While solutions such as interoperability mechanisms or even central bank-supported standards are suggested, the article highlights that without concerted efforts for compatibility and regulatory coherence, fragmentation could hinder the benefits of innovation—complicating transactions, fragmenting liquidity, and potentially concentrating power on dominant networks or coins. The article also suggests that if stablecoin issuers had access to central bank reserves, even if only for intra-day settlement, interoperability would be ensured. As a quid pro quo the issuer could have to submit to additional central bank oversight. [Source: IMF]
Upcoming Speaking Engagements:
Stablecoin NYC 2025 (New York City on November 14-15) will be the definitive conference for exploring the future of digital money and intelligent payments. The event brings together founders, C-level executives, investors, policymakers, and developers for two immersive days of talks, panels, and networking. This be the place to be if you’re building, backing, or regulating the next wave of programmable finance. [Register here]
The Digital Euro Conference 2026 (Frankfurt, March 26) will explore the future of money with a focus on CBDCs, stablecoins, and commercial bank tokens. This hybrid event offers the perfect platform to understand the future of digital money! When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [register here]
I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.
