European Central Bank Now Loves the Blockchain
The European Central Bank (ECB) says it is testing the blockchain technology to improve bank security payment systems and for other purposes. Experts explain why it has made an obvious U-turn. Banks and Bitcoin: love and hate. This pronouncement is included in the new consultative report of the ECB released this week and called Eurosystem's vision for the future of Europe’s financial market infrastructure about how to improve the bank security payment systems. So it is for this purpose that the ECB is testing blockchain applications. “It's not surprising that the ECB is taking a closer....
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The European Central Bank (ECB) has revealed that it is taking a close look at exploring the potential of blockchain technology for a multitude of services that it helps collaborate with other central banks in Europe. The European Union’s central bank has, in a report, revealed that it is looking toward new innovations such as blockchain or distributed ledger technology to help run payment and settlement systems. ECB made the revelation in a consultation report released this week, one which looks to the future of Europe’s financial market infrastructure and Eurosystem’s part in it. The....
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In remarks that highlight flaws of the fiat currency system, the European Central Bank (ECB) president, Christine Lagarde, says the institution cannot go bankrupt even if it incurs losses running into trillions. According to Lagarde, normal bankruptcy rules do not apply to the ECB primarily because it is the sole issuer of euro-denominated central bank money. The Eurosystem will always be able to generate additional liquidity as needed. Bankruptcy Rules Not Applicable to ECB The ECB leader made her remarks while responding to a question from an Italian member of the European Parliament.....
Before trying to apply blockchain to anything, think why. Retail central bank digital currencies, or CBDCs, do not require the use of blockchain technology, according to executives at major European central banks.Thomas Moser, an alternate member of the governing board at Swiss National Bank, and Deutsche Bundesbank’s Martin Diehl discussed the state of CBDCs at the European Blockchain Convention Virtual 2020 conference on Monday.During the online panel discussion, both Diehl and Moser seemed to agree that global retail CBDC projects do not need blockchain, citing a number of reasons.Moser....
In a speech on Monday, Yves Mersch, Member of the Executive Board of the European Central Bank (ECB), discussed how the bank could design, issue, and manage a central bank digital currency for everyone, to be used alongside cash. One of the two types considered was a cash-like digital currency with anonymity. The proposed central bank digital currency or....