The European Central Bank (ECB) is working to establish a blockchain-based payment system that will allow financial institutions to settle transactions using central bank money, Bloomberg News reported on Feb. 20.
ECB executive board member Piero Cipollone said the project is a step toward improving financial market efficiency through innovation.
Phased approach
The project will be rolled out in two phases. Initially, a blockchain platform will be connected to the existing Target settlement system, which operates with central bank money.
Meanwhile, the second phase will focus on building a fully integrated solution, including foreign exchange transactions.
The ECB has not provided a timeline for implementation but has indicated that the initiative could lay the groundwork for a wholesale central bank digital currency (CBDC) by introducing central bank money into a blockchain-based environment.
Switzerland has taken a similar approach. In December 2023, the Swiss National Bank launche
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