The European Central Bank (ECB) wants to establish a payment system based on blockchaom that allows financial institutions to settle transactions in the Central Bank’s money.
The announced change is a step towards the gradual introduction of the Central Bank (CBDC) digital currency (CBDC), the Blooomberg transmits.
“This is an important contribution to improving the efficiency of the European Financial Market through innovation,” said a member of the ECB Piero Chipolone Committee in today’s announcement.
The European Central Bank project envisions two phases of implementation, and their time frame is not specified.
The European Central Bank wants to develop a blockbird platform first to be associated with the existing Target settlement system, and then wants to find “more integrated, long-term solution” that would include foreign currency operations.
The Wholesale Digital Currency of the Central Bank (CBDC) is a currency issued by the Central Bank in digital form, which will use exclusively central banks, commercial banks or other financial institutions to align transactions involving tokenized assets.
