This staff note reports on recent developments in the digital euro project, focusing on the launch of mandates for seven new workstreams under the project’s Rulebook Development Group (RDG), the publication of a technical note on enforcing the digital euro holding limit across multiple wallets, and the European Central Bank’s (ECB’s) ongoing exploratory work on new technologies for wholesale central bank money settlement, including an invitation for financial market stakeholders to participate in planned trials in 2024.

This staff note follows on previous IIF publications on the digital euro project, including a January 2024 staff note on the work of the RDG, our September 2023 staff assessment of the European Commission’s proposed legislative package for the digital euro, and our June 2022 submission to the European Commission.