The Euro digital initiative aligns with the objectives of the ECB to unify the capital markets of Europe.
The European Central Bank intensifies its efforts to build a blockchain payment system, a decision that could open the way to a digital euro. Announced Thursday, the initiative will take place in two phases. The first phase will involve developing a platform to settle silver transactions from the central bank thanks to a link with the target system, which already facilitates payments through the euro zone.
The ECB plans to explore a more integrated and long -term blockchain solution to treat silver transactions from the central bank in the second phase. The member of the Board of Directors Piero Cipollone described the project as a step towards improving European financial markets by innovation. The ECB considers that this approach could strengthen the monetary system of Europe while reducing dependence on non -European payment providers.
The push for a digital euro aligns with the broader object of the ECB to unify the capital markets of Europe. Since 2021, the bank has been studying how to design and distribute a digital currency of the central bank (CBDC). While refining its blockchain -based system, the ECB will consult the public and private stakeholders to ensure that it meets the needs of European citizens. The complete implementation calendar will be announced at a later stage.
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