ECB Exploring Blockchain-Based Payment System For Central Bank Money Transactions

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🚨👀 ECB is Going Blockchain Crazy! 🤯

ECB Exploring Blockchain-Based Payment System For Central Bank Money Transactions

Hey, you know what they say: “If it’s not blockchain, it’s not worth it!” 😂 The European Central Bank (ECB) is exploring a blockchain-based system to help process central bank money transactions. Because, you know, the world was missing a blockchain-based payment system… 🙄

ECB Exploring Blockchain-Based System For CBDC Transactions

In a press release, the ECB revealed that the Governing Council has decided to expand its initiative to settle transactions recorded on distributed ledger technology (DLT) in central bank money. Because, you know, they want to be cool like the fintech kids… 🤓

First, the European Central Bank will develop and implement a safe and efficient platform for such settlements in central bank money through an interoperability link with TARGET Services. Because, you know, safety and efficiency are overrated… 😜

Meanwhile, for the second approach, the Eurosystem will look into a more integrated, long-term solution for settling DLT-based transactions in central bank money. And by “long-term solution,” I mean “we have no idea how this is going to work”… 🤔

The press release also noted that the Eurosystem wants to support the use of innovative solutions like Blockchain technology in its market infrastructures while maintaining the safety and efficiency of TARGET Services. Yeah, right… like that’s going to happen… 😂

Commenting on this development, ECB Executive Board member Piero Cipollone said,

“We are embracing innovation without compromising on safety and stability. Yeah, right… like that’s possible… 😜 This is an important contribution to enhancing European financial market efficiency through innovation. And by “innovation,” I mean “we’re trying to figure out how to make blockchain work”… 🤔

According to the Central Bank, this initiative will contribute to establishing an integrated European market for digital assets, in line with the Governing Council’s call for promoting a digital capital markets union. Yeah, because that’s exactly what the world needs… more digital assets… 🤪

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2025-02-20 18:32