The European Central Bank (ECB) said that it sought to develop a way to settle the distributed lip technology transactions (DLT) with the fiduciary currency while it extends its work to the key characteristic that underlies the blockchain and cryptocurrencies.
The bank provides a two -step approach to use technology, which is a decentralized database which is maintained and updated independently by individual participants in a large network. First of all, it will develop a system linked to its existing target settlement system. Target guarantees “the free movement of cash, titles and guarantees across Europe,” he said.
“This is an important contribution to improving the efficiency of the European financial market thanks to innovation,” said the member of the Board of Directors Piero Cipollone, who oversees the initiative, in a press release THURSDAY.
The bank will also seek a long -term and more integrated way to set up transitions based on the DLT in fiduciary money, which will include a exchange regulations.
The ECB has explored digital currency technology since 2023. The initiative will be based on exploratory work that has invited the stakeholders in the financial market to explore “large financial transactions recorded on the great book technology platforms distributed to settle in money from the central bank “.
A calendar on the bank’s plans will be made public later.
