). [ 29 ] the goal is to explore how the bearer of a digital euro could be provided with a positive user experience. related topics https : / / www. ecb. europa. eu / press / key / date / 2020 / html / ecb. sp201127 ~ a781c4e0fc. en. html 5 / 6 01 / 12 / 2020 from the payments revolution to the reinvention of money target instant payment settlement ( tips ) instant payments fintech central bank digital currencies ( cbdc ) financial market infrastructures financial markets money crypto - assets digitalisation disclaimer please note that related topic tags are currently available for selected content only. european central bank directorate general communications sonnemannstrasse 20, 60314 frankfurt am main, germany tel. : + 49 69 1344 7455, email : media @ ecb. europa. eu website : www. ecb. europa. eu reproduction is permitted provided that the source is acknowledged. media contacts copyright 2020, european central bank https : / / www. ecb. europa. eu / press / key / date / 2020 / html / ecb. sp201127 ~ a781c4e0fc. en. html 6 / 6

in the form of risk - free deposits at the central bank, the stablecoin issuer could offer the stablecoin holders a means of payment that would be a close substitute for central bank money. in contrast, the substitutability between central bank money and bank deposits is limited by the fact that, on bank balance sheets, deposits are matched against risky assets ( bank loans ). [ 20 ] ferrari, m. m., mehl, a. and stracca, l. ( 2020 ), “ central bank digital currency in an open economy ”, working paper series, no 2488, ecb, november. [ 21 ] in 2019 the ecb ’ s governing council formulated five objectives that any such initiative would need to fulfil : pan - european reach and seamless customer experience ; convenience and low cost ; safety and security ; european brand and governance ; and global acceptance. [ 22 ] regulation of the european central bank ( eu ) no 795 / 2014 of 3 july 2014. [ 23 ] up to now, oversight activity has been focused on traditional electronic payment solutions such as payment cards, direct debits, credit transfers and e - money. [ 24 ] the european commission ’ s legislative proposal on crypto - assets ( mica ) is an important step in this regard. [ 25 ] these include payment initiation services, payment integrators, wallets storing data and tokenised payment account numbers. [ 26 ] the ecb has already started work on privacy - enhancing techniques in cooperation with the bank of japan. see ecb and bank of japan ( 2020 ), “ balancing confidentiality and auditability in a distributed ledger environment ”, project stella, february ; and ecb ( 2019 ), “ exploring anonymity in central bank digital currencies ”, in focus, no 4, december. [ 27 ] the limits on individual holdings could be achieved by setting a level of remuneration for the digital euro that would make it unattractive to hold amounts in excess of a given threshold. see bindseil, u. and panetta, f. ( 2020 ), “ central bank digital currency remuneration in a world with low or negative nominal interest rates ”, voxeu, october. alternatively, limits on individual holdings could be achieved by imposing direct quantitative constraints. [ 28 ] the experimentation will examine the scalability of tips ( i. e. whether it could handle the accounts of hundreds of millions of citizens