Digital euro pilot: the five decisions to watch before December
Offline payments, holding limits, and who gets blamed when it breaks.
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The pilot is a technical exercise with a political deadline, which is a combination that produces interesting documents. Five things will be decided by December, and four of them are being decided quietly.
Holding limits
The number is a monetary policy question dressed as a product decision. Set it low and the thing is a novelty. Set it high and the deposit base moves on a bad Tuesday.
Every participant in this pilot can tell you the technical answer. None of them will tell you the number.
Offline
Offline payment is the requirement that makes the hardware expensive and the fraud model interesting. It is also the one the public actually asked for, which is rare enough to be worth noting.
Liability
The unglamorous one, and the one that will define adoption. When an offline transfer fails halfway, somebody is short. The pilot documents describe the mechanism. They do not yet name the party.