ECB centralbank stablecoin CBDC ECB considers blockchain technology to keep central bank money competitive
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The need to focus on DLT comes as "Technologies and preferences are changing, and preserving the role of central bank money as a safe asset at the heart of the system remains key," according to Panetta. To improve wholesale payment systems, Panetta said that the ECB has begun "assessing the potential of DLT and the extent to which it could improve our services."
The ECB board member cited some of the benefits offered by the integration of DLT, including the ability to settle transactions instantly, around the clock, with the possibility of programming transactions to be settled automatically based on predefined conditions. Such a situation would "entail a number of risks" and could potentially lead to "trading and liquidity becoming fragmented," Panetta said, resulting in "payments and securities settlement becoming less safe and less efficient, which would undermine financial stability."
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