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Cryptocurrencies

Distributed ledger technology adoption in Eurozone, still too early

Thursday 13 April 2017 | 08:52 AM CET

The European Union’s central bank has announced that it might use distributed ledger technology as part of its market infrastructure in the near future.

Along with the latest annual report from the European Central Bank, there was also a feature on the tech. The paper reiterates a position expressed in the past by ECB officials, that the central bank is not likely to tap distributed ledgers in the near future.

The ECB wrote: “The ECB is open to considering new ways to enhance its market infrastructure. However, any technology-based innovation would have to meet high requirements in terms of safety and efficiency … At this stage of its development, [distributed ledger technology (DLT)] is not mature enough and therefore cannot be used in the Eurosystem's market infrastructure. As DLT-based solutions are constantly evolving, the ECB will continue to monitor developments in this field and explore practical uses for DLT.”

Still, the ECB is pursuing a research effort alongside the Bank of Japan, which sees the two institutions weighing potential applications. Also the banking authority has been actively testing the tech since early 2016.

More: Link
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