European Central Bank Exploring Blockchain Tech Applications
The European Central Bank (ECB) has said that it is investigating how it might apply blockchain technology for its own purposes. The statement was made in a new consultation report on the technologies used to run the region's securities and payments settlement systems and how they can be improved. The ECB said that, as part of its consultation process, it is looking at how blockchain applications could improve or hamper this market infrastructure. The report notes: “As part of its vision, the Eurosystem intends to assess their relevance for the different services it provides to the banking....
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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....
Central banks should pursue applications of distributed ledger tech, a senior European Central Bank official said this week – but not at the expense of their reputation. Yves Mersch, a member of the ECB's executive board, gave remarks during an event in Helsinki on Monday during which he discussed the prospects of central bank-issued digital currencies. Mersch has given speeches on the subject a number of times in the past, including an appearance in December during which he disclosed that the ECB is working with Japan's central bank on blockchain research. Tech aside, Mersch said that....
The Hong Kong Monetary Authority (HKMA) has published a new white paper on distributed ledger tech. The HKMA, which is Hong Kong’s de facto central bank, produced the paper in partnership with the Hong Kong Applied Science and Technology Research Institute (ASTRI). The move comes just over two months after the two sides began collaborating on blockchain applications, a process that has seen activity amongst Hong Kong banks looking to build a system for sharing mortgage valuations. The HKMA is one of a growing body of central banks experimenting with or exploring applications. In the past....
Germany’s central bank has built a new blockchain prototype focused on securities trading. The Bundesbank developed the prototype in partnership with exchange operator Deutsche Börse, with further testing between the two sides planned over the next few months. The German central bank said today that the project constitutes the first joint initiative with Börse, describing it as “purely a conceptual study”. The prototype is said to enable the transfer of both electronic securities as well as “digital coins”, as well as functions for coupon payments and the redemption of mature securities,....
India’s central bank, the Reserve Bank of India (RBI), has published a booklet with a section about cryptocurrency and the digital rupee. The central bank acknowledged that cryptocurrencies have gained popularity in recent years and confirmed that it is exploring the need for a central bank digital currency. RBI Says Crypto Has Gained Popularity, Exploring Digital Rupee India’s central bank published a “Booklet on Payment Systems” on Monday with a section on central bank digital currencies (CBDCs). The document covers “the journey of payment and settlement....