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The European Central Bank (ECB) is expanding its initiative for central bank cash settlements utilizing distributed ledger technology (DLT).
The ECB Governing Council has approved a two-phase approach for implementing DLT-based central bank cash settlements. The first phase focuses on integration with the TARGET interbank payment system, while the second phase aims to create a fully integrated settlement solution for digital assets, including cross-border payments and currency exchange.
Importantly, the ECB’s press release does not reference the terms “digital euro” or “central bank digital currency,” instead opting for the phrase “DLT-based transactions in central bank cash,” which encompasses both concepts.
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The primary aim of this initiative is to establish an interoperable platform that links DLT transactions with TARGET Services, the eurozone’s primary settlement system. The timeline for implementation will be announced at a later date.
The project aims to create a cohesive environment for digital asset settlements, ensuring security, efficiency, and adherence to European regulatory standards. The ECB intends to work with public institutions and the private sector to explore new technologies and incorporate them into the financial market infrastructure.
Additionally, the initiative supports the development of a unified European digital capital market. The technical foundation is based on research and testing conducted in 2024. The project involved 64 organizations, including central banks, financial institutions, and DLT platforms, which executed over 50 test transactions, including CBDC trials, and simulated various digital asset use cases.
The message ECB Expands Initiative for DLT-Based Settlements first appeared on CoinsPaid Media.
