ECB-DLT

ECB DLT research wholesale + Digital Euro.

Definition

Key ECB DLT projects: (1) Eurosystem Digital Euro retail Investigation Phase (October 2021-October 2023), Preparation Phase (October 2023-October 2025), Phase 2 launch potential decision 2026 by Governing Council. Proposed architecture two-tier (ECB issues + commercial banks distribute), account-based + token offline, limit ~3000 euro per person. (2) Eurosystem CBDC Trial Exploratory work 2024: Trial DLT wholesale settlement test multiple DLT platforms (Hyperledger Besu, Ethereum L2, IOTA, etc.) with 45 financial institutions trial real wholesale transactions (Trial Phase Banque de France Project Cedar, Bundesbank Trigger Solution, Banca d'Italia TIPS-Hash-link). (3) ECB Eurosystem Hub BIS Innovation Hub Frankfurt Mariana project CBDC AMM. ECB Position: prudent vs crypto risk private stablecoins, supports public DLT infrastructure.

Origin

ECB Strategic Review 2020-2021 includes digital innovation ; Digital Euro Investigation Phase launched October 2021 ; Preparation Phase October 2023 ; Eurosystem CBDC Trial 2024 exploratory.

Example in context

Banque de France Project Cedar Eurosystem CBDC Trial 2024: pilot with Societe Generale, BNP Paribas, Credit Agricole, BBVA, Santander testing tokenized bond DvP (Delivery versus Payment) Atomic Settlement via custom DLT (Hyperledger Besu based) vs traditional T+2 settlement.

Related terms

• ECB DLT Wholesale — wholesale trial.