The European Central Bank (ECB) has revealed it is exploring a blockchain-based system to help process central bank money transactions. This is significant, considering how this could further promote blockchain and crypto adoption worldwide.
ECB Exploring Blockchain-Based System For CBDC Transactions
In a press release, the ECB revealed that the Governing Council has decided to expand its initiative to settle transactions recorded on distributed ledger technology (DLT) in central bank money. The Central Bank will adopt a “two-track approach” for this initiative.
First, the European Central Bank will develop and implement a safe and efficient platform for such settlements in central bank money through an interoperability link with TARGET Services. The Bank said it would announce a concrete time plan in due course.
Meanwhile, for the second approach, the Eurosystem will look into a more integrated, long-term solution for settling DLT-based transactions in central bank money. The ECB
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