The administrative council of the European Central Bank has taken a step to promote its initiative to arrange transactions that are registered on distributed ledger technology using the central bank money.
The decision, announced on 20 February in a press release, is intended to integrate distributed ledger technology with the existing target service infrastructure.
The ECB approach will follow a strategy with two songs. The first issue focuses on the rapid development of a safe and efficient platform for DLT -based settlements, while interoperability with target services is guaranteed. The second issue will investigate a long-term integrated solution for arranging distributed ledger-based transactions in central bank money, including foreign exchange inputs.
🔴 Are you ready for the “European blockchain”?
The @ecb has just announced that it wants to develop a private blockchain for its wholesale central bank digital currency👀.
Link to the pr 👉https: //t.co/adh8gspqmr pic.twitter.com/hl9rmqzahz
– Louis Tellier (@louis_tellier) February 20, 2025
Member Piero Cipollone of the European Central Bank, Piero Cipollone, emphasized the importance of balancing innovation with financial stability, which says: “We embrace innovation without endangering about safety and stability.”
According to a crypto. News report, Cipollone, said in an interview with Le Monde at the end of last year about digital payments: “That is one of the reasons why we are working on a digital euro, which would be an electronic form of cash for digital payments. “
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Build an integrated European market
This initiative is in line with the broader efforts of the European Central Bank to set up a more integrated European market for digital assets. The agency says it builds on earlier exploratory work that is being carried out between May and November 2024, involving 64 participants, including central banks, financial market participants and distributed Great Penal Technology Platform operators.
These tests and experiments, which include actual settlements in the money of the central bank, have established the stage for this extensive initiative.
As part of the ECB’s strategy, the Board of Directors also called for the promotion of a digital capital markets association, which will further facilitate the growth of digital assets in Europe.
This recent development, on the other hand, is taking into account the recording of blockchain expert Fiorenzo Manganiello, who earlier this month in a crypto.news report that European Central Banks could collect Bitcoin this year.
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