Denis Boal, First Deputy Governor of the Bank of France, instructed to introduce payment and settlement systems in the EU based on distributed ledger technologies.
Speaking at a conference on technology and innovation in the capital market, he declared, that the use of DLT would have a positive impact on the European financial system.
Why central banks are experimenting with blockchain
In particular, Denis Bo said that the tokenization of assets, combined with the implementation of blockchain-based solutions and the widespread use of distributed ledger technologies for storing and transferring these assets, will help better meet market needs. Adding that DLT will also simplify gross and foreign exchange settlements, post-incident recovery, and enhance the stability of the system as a whole.
As a result, the first deputy of the ECB to start experimenting with new technologies to improve the working conditions of central banks, as well as to use crypto assets, which, according to him, can be used instead of money for mutual settlements between banks of different levels..
He noted that in the process of introducing innovations, problems have arisen associated with the risk of decent disorderly approaches and differences in the adaptation of market infrastructure..
Beyond France, German officials and banks also supports the idea of creating a digital euro.
text: Ivan Malichenko, photo: bigstock
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