Digital Euro FQA

Bibliography

FQAs about the digital euro, by Cannataci, Fehrensen, Lucke, and Gütschow (2025).


AFP/The Local. 2022. “Italy Abandons Plan to Elt Shops Refuse Card Payments in Budget u-Turn.” https://www.thelocal.it/20221219/italy-abandons-plan-to-let-shops-refuse-card-payments-in-budget-u-turn.

Anonymous. 2023. “Project Polaris: A Handbook for Offline Payments with CBDC.” Bank of International Settlements.

Arnold, Theryn D. “De-Dollarization and Global Sovereignty: BRICS’ Quest for a New Financial Paradigm.” Human Geography 0 (0): 19427786241266896. https://doi.org/10.1177/19427786241266896.

Auer, Raphael, and Rainer Böhme. 2020. “The Technology of Retail Central Bank Digital Currency.” BIS Quarterly Review. https://www.bis.org/publ/qtrpdf/r_qt2003j.pdf.

———. 2021. “Central Bank Digital Currency: The Quest for Minimally Invasive Technology.” BIS Quarterly Review. https://www.bis.org/publ/work948.pdf.

Bindseil, Ulrich, Fabio Panetta, and Ignacio Terol. 2021. “Central Bank Digital Currency: Functional Scope, Pricing and Controls.” ECB Occasional Paper Series. https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op286~9d472374ea.en.pdf.

Black, Edwin. 2001. IBM and the Holocaust: The Strategic Alliance Between Nazi Germany and America’s Most Powerful Corporation. Random House Large Print.

Borio, C. F. V, and P. Van den Bergh. 1993. “The Nature and Management of Payment System Risks: An International Perspective.” BIS Economic Papers 36 (February).

Bundestag, Deutscher. 2023. “Gesetz über das Kreditwesen (KWG): § 25i Allgemeine Sorgfaltspflichten in Bezug auf E-Geld.” https://www.gesetze-im-internet.de/kredwg/__25i.html.

Chavanette Advisors. 2024. “Galactic Grid: Your Guide to the Complex Landscape of Retail Central Bank Digital Currency Technology Providers.” Chavanette Advisors.

d’Aligny, Antoine, Emmanuel Benoist, Florian Dold, Christian Grothoff, Özgür Kesim, and Martin Schanzenbach. 2022. “Who Comes After Us? The Correct Mindset for Designing a Central Bank Digital Currency.” SUERF Policy Note, no. 279: 1–9.

d’Aligny, Antoine, Emmanuel Benoist, and Christian Grothoff. 2022. “Project Depolymerization: Tokenization of Blockchains.” In 2022 4th Conference on Blockchain Research & Applications for Innovative Networks and Services (BRAINS), 51–54. IEEE.

Daman, Maarten G. A. 2024. “Making the Digital Euro Truly Private.” THE ECB BLOG. https://www.ecb.europa.eu/press/blog/date/2024/html/ecb.blog240613~47c255bdd4.en.html.

DeYoung, Robert, Tara Rice, et al. 2004. “How Do Banks Make Money? The Fallacies of Fee Income.” Economic Perspectives-Federal Reserve Bank of Chicago 28 (4): 34.

Diem Association. 2020. “White Paper.” https://www.diem.com/en-us/white-paper/.

Digital Euro Association. 2024. “Members.” https://home.digital-euro-association.de/members.

Dold, Florian. 2019. “The GNU Taler System: Practical and Provably Secure Electronic Payments.” PhD thesis, Université Rennes 1.

Dorjmyagmar, M., M. Kim, and H. Kim. 2017. “Security Analysis of Samsung Knox.” In 2017 19th International Conference on Advanced Communication Technology (ICACT), 550–53. https://doi.org/10.23919/ICACT.2017.7890150.

Eurojust. 2024. “Successful operation against cryptocurrency scam coordinated by Eurojust .” https://www.eurojust.europa.eu/news/successful-operation-against-cryptocurrency-scam-coordinated-eurojust.

European Central Bank. 2020. “Report on a Digital Euro.” https://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b458.en.pdf.

———. 2021b. “Eurosystem Report on the Public Consultation on a Digital Euro.”

———. 2021a. “Eurosystem Report on the Public Consultation on a Digital Euro.” https://www.ecb.europa.eu/pub/pdf/other/ Eurosystem_report_on_the_public_consultation_on_a_digital_euro~539fa8cd8d.en.pdf.

———. 2022a. “Study on the Payment Attitudes of Consumers in the Euro Area (SPACE) – 2022.” https://www.ecb.europa.eu/stats/ecb_surveys/space/shared/pdf/ecb.spacereport202212~783ffdf46e.en.pdf.

———. 2022b. “Tender ID: PRO-007480.” per Email, https://www.ecb.europa.eu/ecb/jobsproc/proc/pdf/2022-ojs040-099799-en.pdf.

———. 2023a. “A Stocktake on the Digital Euro - Summary Report on the Investigation Phase and Outlook on the Next Phase.” https://www.ecb.europa.eu/euro/digital_euro/timeline/profuse/shared/pdf//ecb.dedocs231018.en.pdf.

———. 2023b. “Financial Stability Review.” https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202311~bfe9d7c565.en.html.

———. 2023c. “Progress on the Investigation Phase of a Digital Euro – Fourth Report.” https://www.ecb.europa.eu/euro/digital_euro/progress/shared/pdf/ ecb.degov230713-fourth-progress-report-digital-euro-investigation-phase.en.pdf.

———. 2024a. “FAQs on the Digital Euro.” https://www.ecb.europa.eu/paym/digital_euro/faqs/html/ecb.faq_digital_euro.en.html.

———. 2024b. “Progress on the Preparation Phase of a Digital Euro - First Progress Report.” https://www.ecb.europa.eu/euro/digital_euro/progress/html/ecb.deprp202406.en.html.

———. 2024c. “State of Play on Offline Digital Euro—11th ERPB Technical Session on Digital Euro.” https://www.ecb.europa.eu/euro/digital_euro/timeline/profuse/shared/pdf/ecb.degov240411_item3updateofflinedigitaleuro.en.pdf.

———. 2024d. “Study on the Payment Attitudes of Consumers in the Euro Area (SPACE) – 2024.” https://www.ecb.europa.eu/stats/ecb_surveys/space/shared/pdf/ecb.space2024~19d46f0f17.en.pdf.

———. 2024e. “Tender ID: PRO-009488.” not public, available upon request.

———. 2024f. “Update on the Work of the Digital Euro Scheme’s Rulebook Development Group.” https://www.ecb.europa.eu/euro/digital_euro/timeline/profuse/shared/pdf/ecb.degov240103_RDG_digital_euro_schemes_update.en.pdf.

———. n.d. “Inflation and Consumer Prices.” https://www.ecb.europa.eu/stats/macroeconomic_and_sectoral/hicp/html/index.en.html.

European Commission. 2023a. “Proposal for a Regulation of the European Parliament and of the Council on the Establishment of the Digital Euro.” https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52023PC0369.

———. 2023b. “Proposal for a Regulation of the European Parliament and of the Council on the Legal Tender of Euro Banknotes and Coins.” https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52023PC0364.

———. 2023c. “Proposal for a Regulation of the European Parliament and of the Council on the Provision of Digital Euro Services by Payment Services Providers Incorporated in Member States Whose Currency Is Not the Euro and Amending Regulation (EU) 2021/1230 of the European Parliament and the Council.” https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52023PC0368.

European Court of Human Rights, Grand Chamber. 2008. “S. and Maper vs. The United Kingdom.” https://repository.library.georgetown.edu/handle/10822/513747.

Falcon, Francisco. 2023. “Vulnerabilities in the TPM 2.0 Reference Implementation Code.” https://blog.quarkslab.com/vulnerabilities-in-the-tpm-20-reference-implementation-code.html.

Free Software Foundation. 1996. “What Is Free Software?” https://gnu.org/philosophy/free-sw.html.

Gast, Stefan, Hannes Weissteiner, Robin Leander Schröder, and Daniel Gruss. 2025. “CounterSEVeillance: Performance-Counter Attacks on AMD SEV-SNP.” In Network and Distributed System Security (NDSS) Symposium 2025.

Giesecke+Devrient. 2024. “New survey indicates digital euro must also work offline.” https://www.gi-de.com/en/group/press/press-releases/new-survey-indicates-digital-euro-must-also-work-offline.

Gilbert, Seth, and Nancy Lynch. 2002. “Brewer’s Conjecture and the Feasibility of Consistent, Available, Partition-Tolerant Web Services.” SIGACT News 33 (2): 51–59. https://doi.org/10.1145/564585.564601.

Giovannini, Alessandro, and Marc Stibane. 2024. “Euro 2.0 – Der Euro Wird (Auch) Digital - Oesterreichische Nationalbank.” Statement on stage in discussion with audience, https://x.com/taler/status/1767621751825907879.

GNU. n.d. “What Is Free Software?” https://www.gnu.org/home.en.html.

Grothoff, Christian, and Florian Dold. 2021. “Why a Digital Euro Should Be Online-First and Bearer-Based.” https://taler.net/en/news/2021-03.html.

Grothoff, Christian, and Thomas Moser. 2021. “How to Issue a Privacy-Preserving Central Bank Digital Currency.” SUERF Policy Briefs, no. 114.

Guanciale, R., H. Nemati, C. Baumann, and M. Dam. 2016. “Cache Storage Channels: Alias-Driven Attacks and Verified Countermeasures.” In 2016 IEEE Symposium on Security and Privacy (SP), 38–55. https://doi.org/10.1109/SP.2016.11.

Handagama, Sandali. 2024. “European Central Bank Shows It’s Serious about Enabling Digital Euro Offline Use.” https://www.coindesk.com/policy/2024/01/11/european-central-bank-shows-its-serious-about-enabling-digital-euro-offline-use/.

Häring, Norbert. 2021. “How Mastercard Invented the Health Hazard of Cash.” https://norberthaering.de/en/war-on-cash/mastercard-holsten/.

Henning, Maximilian. 2024. “EU Council Discusses Digital Euro: And How Much Privacy Should It Be?” https://netzpolitik.org/2024/eu-council-discusses-digital-euro-and-how-much-privacy-should-it-be/.

Hériveaux, Olivier. 2022. “Triple Exploit Chain with Laser Fault Injection on a Secure Element.” In 2022 Workshop on Fault Detection and Tolerance in Cryptography (FDTC), 9–17. https://doi.org/10.1109/FDTC57191.2022.00011.

Jacob, Hans Niklas, Christian Werling, Robert Buhren, and Jean-Pierre Seifert. 2023. “faulTPM: Exposing AMD fTPMs’ Deepest Secrets.” In 2023 IEEE 8th European Symposium on Security and Privacy (EuroS&p), 1128–42. IEEE.

Jancar, Jan, Vladimir Sedlacek, Petr Svenda, and Marek Sys. 2020. “Minerva: The Curse of ECDSA Nonces (Systematic Analysis of Lattice Attacks on Noisy Leakage of Bit-Length of ECDSA Nonces).” IACR Transactions on Cryptographic Hardware and Embedded Systems 2020 (4): 281–308. https://doi.org/10.13154/tches.v2020.i4.281-308.

Jean Flemming and Ruth Judson. 2024. “Implications of a U.S. CBDC for International Payments and the Role of the Dollar.” https://www.federalreserve.gov/econres/notes/feds-notes/implications-of-a-u-s-cbdc-for-international-payments-and-the-role-of-the-dollar-20240216.html.

Jover, Roger Piqueras. 2020. “Security Analysis of SMS as a Second Factor of Authentication.” Communications of the ACM.

Kagan, Julia. 2020. “Offline Debit Card: What They Are and How They Work.” https://www.investopedia.com/terms/o/offlinedebitcard.asp.

Kantar Public. 2023. “Study on Digital Wallet Features.” https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr230424_1_annex~93abdb80da.en.pdf.

Kerckhoffs, Auguste. 1883. “La Cryptographie Militaire.” Journal Des Sciences Militaires IX: 5–38, 161–91.

Kesim, Özgür, Christian Grothoff, Florian Dold, and Martin Schanzenbach. 2022. “Zero-Knowledge Age Restriction for GNU Taler.” In Computer Security–ESORICS 2022: 27th European Symposium on Research in Computer Security, Copenhagen, Denmark, September 26–30, 2022, Proceedings, Part i, 110–29. Springer.

Kreinin, Yossi. 2009. “C++ FQA Lite.” https://yosefk.com/c++fqa/.

Lagarde, Christine, and Fabio Panetta. 2020. “Report on a Digital Euro.” European Central Bank.

Ledger Insights. 2024. “Ex-BNY Mellon Tokenization Lead Joins European Central Bank.” https://www.ledgerinsights.com/ex-bny-mellon-tokenization-lead-joins-european-central-bank/.

Li, Mengyuan, Yinqian Zhang, Zhiqiang Lin, and Yan Solihin. 2019. “Exploiting Unprotected i/o Operations in AMD’s Secure Encrypted Virtualization.” In USENIX Security Symposium.

Limited, Adaptive Mobile Security. 2019. “Simjacker Technical Report.” https://www.enea.com/info/simjacker/.

Lipp, Moritz, Daniel Gruss, Raphael Spreitzer, Clémentine Maurice, and Stefan Mangard. 2016. “ARMageddon: Cache Attacks on Mobile Devices.” In Proceedings of the 25th USENIX Conference on Security Symposium, 549–64. SEC’16. USA: USENIX Association.

M’Raihi, David, Salah Machani, Mingliang Pei, and Johan Rydell. 2011. “Totp: Time-Based One-Time Password Algorithm.” IETF; https://datatracker.ietf.org/doc/html/rfc6238.

Maarten G.A. Daman (ECB). 2024. “Making the Digital Euro Truly Private.” https://eaccny.com/news/chapternews/ecb-making-the-digital-euro-truly-private/.

Machiry, Aravind, Eric Gustafson, Chad Spensky, Christopher Salls, Nick Stephens, Ruoyu Wang, Antonio Bianchi, Yung Ryn Choe, Christopher Kruegel, and Giovanni Vigna. 2017. “BOOMERANG: Exploiting the Semantic Gap in Trusted Execution Environments.” In NDSS.

Mathilde Farine. 2020. “Les Commerces Peuvent Refuser Les Achats En Cash.” Le Temps. https://www.letemps.ch/economie/finance/commerces-peuvent-refuser-achats-cash.

Meller, Barbara, and Oscar Soons. 2023. “Know Your (Holding) Limits: CBDC, Financial Stability and Central Bank Reliance.” ECB Occasional Paper, no. 326: 46.

Monetary Authority of Singapore. 2023. “Purpose Bound Money (PBM) Technical Whitepaper.” https://www.mas.gov.sg/-/media/mas-media-library/development/fintech/pbm/pbm-technical-whitepaper.pdf.

Næss-Schmidt, Helge Sigurd, Charlotta Zienau, Rodrigo Cipriano, and Jens Brink. 2023. “Effects of a Digital Euro on Financial Stability and Consumer Welfare.” Copenhagen Economics.

Nagel, Joachim. 2024. “The Digital Euro and the Protection of Privacy (Video Address).” In International Conference on Payments and Securities Settlement.

Nassi, Ben, Etay Iluz, Or Cohen, Ofek Vayner, Dudi Nassi, Boris Zadov, and Yuval Elovici. 2024. “Video-Based Cryptanalysis: Extracting Cryptographic Keys from Video Footage of a Device’s Power LED Captured by Standard Video Cameras.” In 2024 IEEE Symposium on Security and Privacy (SP), 163–63. IEEE Computer Society.

Nuzman, Joseph. 2023. “CVE-2022-38090: Improper Isolation of Shared Resources in Some Intel(r) Processors When Using Intel(r) Software Guard Extensions May Allow a Privileged User to Potentially Enable Information Disclosure via Local Access.” https://www.cve.org/CVERecord?id=CVE-2022-38090.

PayPal Inc. 2023. “Pay in a Flash with QR.” https://www.paypal.com/us/digital-wallet/ways-to-pay/pay-with-qr-code.

“Project Timeline and Planning of 2024 ERPB.” 2024. European Central Bank.

Raymond, Eric. 1999. “The Cathedral and the Bazaar.” Knowledge, Technology & Policy 12 (3): 23–49.

RedHat. 2023. “FreeOTP.” https://freeotp.github.io/.

Reuters. 2024. “Swiss National Bank’s Jordan against issuing retail cenbank digital currency.” https://www.reuters.com/markets/currencies/swiss-national-banks-jordan-against-issuing-retail-cenbank-digital-currency-2024-04-08/.

Roche, Thomas. 2024. “EUCLEAK: Side-Channel Attack on the YubiKey 5 Series—Revealing and Breaking Infineon ECDSA Implementation on the Way.” https://ninjalab.io/eucleak/.

Saß, Xhani Marvin, Richard Mitev, and Ahmad-Reza Sadeghi. 2023. “Oops..! I Glitched It Again! How to Multi-Glitch the Glitching-Protections on ARM TrustZone-M.” In 32nd USENIX Security Symposium (USENIX Security 23), 6239–56.

Schaik, Stephan van, Andrew Kwong, Daniel Genkin, and Yuval Yarom. 2020. “SGAxe: How SGX Fails in Practice.” https://sgaxeattack.com/.

Schneier, Bruce. 2015. Secrets and Lies: Digital Security in a Networked World. John Wiley & Sons.

Schönborn, Sven, and Christian Rudelt. 2022. “BDI: Digitaler Euro. Industriebedarfe bei Etablierung nicht vernachlässigen.” Position. Wirtschaftspolitik. Zahlungsverkehr. Berlin: https://bdi.eu/publikation/news/digitaler-euro-innovation-digitalisierung-waehrung/; Bundesverband der Deutschen Industrie e.V. (BDI).

Siegner, Clint. 2021. “Bank of International Settlements Chief Talks ‘Absolute Control’.” https://www.moneymetals.com/news/2021/07/12/bank-of-international-settlements-chief-talks-absolute-control-002328.

Sumup Inc. 2023. “Business Made Simple.” https://www.sumup.com/en-us/.

Taler Systems SA. 2024. “GNU Taler.” https://taler-systems.com/.

Tang, Adrian, Simha Sethumadhavan, and Salvatore Stolfo. 2017. “CLKSCREW: Exposing the Perils of Security-Oblivious Energy Management.” In Proceedings of the 26th USENIX Conference on Security Symposium, 1057–74. SEC’17. USA: USENIX Association.

Tasker, John Paul. 2022. “Banks Have Started to Freeze Accounts Linked to the Protests, Freeland Says.” https://www.cbc.ca/news/politics/ottawa-protests-frozen-bank-accounts-1.6355396.

Tenpay. 2023. “Offline Store without POS Devices.” https://pay.weixin.qq.com/wiki/doc/api/wxpay/en/guide/OfflineStoresWithoutPOS.shtml.

Thales. 2023. “SafeNet OTP 110.” https://cpl.thalesgroup.com/en-gb/access-management/authenticators/safenet-otp-110.

Twint AG. 2023a. “Collect Payments Simply – Even Without Any Infrastructure.” https://www.twint.ch/en/bausiness-customers/our-solutions/qr-code-sticker/.

———. 2023b. “Simply TWINT It.” https://www.twint.ch/en/.

Uhlig, Harald, Mike Alonso, and Jon Frost. 2023. “Privacy in Digital Payments—Escaping the Panopticon.” Georgetown Journal of International Affairs 24 (2): 174–80.

Van Bulck, Jo, Daniel Moghimi, Michael Schwarz, Moritz Lipp, Marina Minkin, Daniel Genkin, Yarom Yuval, Berk Sunar, Daniel Gruss, and Frank Piessens. 2020. “LVI: Hijacking Transient Execution through Microarchitectural Load Value Injection.” In 41th IEEE Symposium on Security and Privacy (s&p’20).

White, Lawrence H. 1999. The Theory of Monetary Institutions. Malden, MA: Blackwell Publishers.

Wikipedia. n.d.a. “2024 CrowdStrike Incident.” https://en.wikipedia.org/wiki/2024_CrowdStrike_incident.

———. n.d.b. “Wirecard Scandal.” https://en.wikipedia.org/wiki/Wirecard_scandal.

Wilke, Luca, Florian Sieck, and Thomas Eisenbarth. 2024. “TDXdown: Single-Stepping and Instruction Counting Attacks Against Intel TDX.” In ACM CCS 2024.

Worldline. 2023. “Worldline helps the ECB to shape future digital euro by successfully delivering a front-end prototype.” https://worldline.com/en/home/top-navigation/media-relations/press-release/worldline-helps-the-ecb-to-shape-future-digital-euro-by-successfully-delivering-a-front-end-prototype.

Wüst, Karl, Kari Kostiainen, Noah Delius, and Srdjan Capkun. 2022. “Platypus: A Central Bank Digital Currency with Unlinkable Transactions and Privacy-Preserving Regulation.” In Proceedings of the 2022 ACM SIGSAC Conference on Computer and Communications Security, 2947–60. CCS ’22. New York, NY, USA: Association for Computing Machinery. https://doi.org/10.1145/3548606.3560617.

Zhang, Ning, Kun Sun, Deborah Shands, Wenjing Lou, and Y Thomas Hou. 2016. “TruSpy: Cache Side-Channel Information Leakage from the Secure World on ARM Devices.” IACR Cryptol. ePrint Arch. 2016: 980.