European Central Bank and digital EUR

July 19, 2021
News

Experimental investigation performed by the ECB over the past nine months showed no major technical obstacles to any of the evaluated plan choices for both the Target Moment Installments Settlement System and alternative options such as blockchain. Moreover, experiment has proposed that   architectures combining centralized and decentralized components are possible.

During the project’s examination stage, the Euro system will center on a conceivable functional plan that’s based on users’ needs. It’ll include focus groups, prototyping and conceptual work.

Despite the fact of the long time period, the activity may pave the way for a few short-term gains within the administrative treatment of crypto assets in common.

ECB cleared that the main reason of the launch of a Digital Euro is to complement cash. The bank isn’t planning to replace cash with digital money. Previously, ECB conducted experiments in four key zones related to the digital money venture counting, the digital euro ledger, security and anti-money laundering, circulation limits and end-user access.