The ECB’s Digital Euro is Moving to Preparation Phase

The ECB’s Digital Euro is moving to preparation phase

The European Central Bank (ECB) has announced that its digital euro initiative is moving into a 'Preparation' phase starting this November. This phase is set to last for two years and aims to finalize a digital euro rulebook, identify platform providers for the CBDC, and conduct additional testing. However, this does not imply a final decision to issue a digital euro for public use.

The shift to this new stage comes amid considerable scrutiny of the ECB's plans, particularly related to privacy concerns and even conspiracy theories. A definitive choice on whether to roll out the digital euro will only be made after relevant European Union legislation is complete, adding another layer of complexity to the project.

Critics argue that the ECB is moving prematurely, as legislative processes that could significantly affect the framework for a digital euro are still underway. European Parliament member Markus Ferber suggests that it would have been wiser for the ECB to wait until the legislative outlook was clearer, as potential changes in legal guidelines could render this preparatory work ineffective.

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Ethereum-based Community Points to be closed on Reddit

Reddit has revealed that its Community Points beta program will be coming to an end in the near future. The decision to discontinue the program was influenced by "scalability limitations" and the uncertain regulatory environment, as stated in a recent announcement by Reddit. The company has not yet responded to requests for further clarification. A member of Reddit's Community team, u/cozy__sheets, explained that while there were potential opportunities for Community Points, it was not feasible to implement them on a larger scale across the platform.

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Scroll zkEVM successfully deploys to mainnet

Scroll, a project focused on scaling Ethereum via zero-knowledge cryptography, has successfully launched its Mainnet after two years of rigorous development and testing. The team engaged in multiple internal and external security audits, and the platform demonstrated its robustness through over 450,000 smart contract deployments and more than 90 million total transactions during its testnet phases.

Founded by Ethereum enthusiasts, Scroll has been community-driven from the start, emphasizing developer creativity and security. The global team, distributed across 26 countries, has been active in hosting developer workshops and promoting zero-knowledge research, aiming to cater to a wide-ranging and expanding user base. You can read our guide on bridging to Scroll to start testing applications on the network.

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SK Telecom releases crypto wallet with CryptoQuant as partner

Korean digital currency services company Team Blackbird recently announced the launch of a cryptocurrency wallet in collaboration with SK Telecom (SKT), the largest mobile phone company in South Korea. The T wallet, as it is called, provides users with a blockchain-powered application on their mobile devices, enabling them to securely store tokens and utilize CryptoQuant's on-chain analysis tools. This integration aims to support users in their market activities, according to Team Blackbird CEO Ki Young Joo in a message shared with CoinDesk.

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Other breaking news

• Fantom Foundation wallet exploited
• Hong Kong’s attitude toward crypto sours
• BTC Bollinger Bands signal wild price swings
• Roblox denies supporting XRP payments
• Elixir Protocol secures $7.5 million Series A funding

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Wrapping up

In today's Datawallet Daily, we covered pivotal developments including the European Central Bank's move to the preparation phase for the Digital Euro, Reddit's closure of its Ethereum-based Community Points, the successful mainnet launch of Scroll's zkEVM, and SK Telecom's new crypto wallet in partnership with CryptoQuant. These stories, along with other breaking news, offer a comprehensive snapshot of the evolving crypto landscape. Stay tuned for more in-depth analysis and updates in our next issue.