European Union's ecb could be exploring wholesale CBDC settlement as soon as 2024, as it probes the benefits of distributed ledger technology in financial markets. jackschickler reports.
The central bank is looking at how it can innovate in settling transactions between financial institutions for securities or foreign exchange, while also developing plans for a retail central bank digital currency , the digital euro, that could be used by EU citizens.
“The ECB clarified that the envisioned start of exploratory work is in 2024,” testing the use of central bank money in both real and mock wholesale transactions, the document said. The explorations will be “limited in capacity and time,” and take place on the basis of existing rules – including alast year, which temporarily relaxes financial-market infrastructure requirements for securities trading using DLT, the document added.
The announcement came at the inaugural meeting of a new industry grouping set up by the ECB last week, as conventional financial players continue to explore crypto and the blockchain technology that underpins it. The
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