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Germany’s DekaBank issues digital bond in ECB’s wholesale digital euro trial
DekaBank issued the ‘crypto’ security on its SWIAT blockchain infrastructure, with the buyer—Metzler Bank—making the payment in the wholesale digital euro.
DekaBank issued the ‘crypto’ security on its SWIAT blockchain infrastructure, with the buyer—Metzler Bank—making the payment in the wholesale digital euro.
The European Union is a step closer to realizing its vision for an EU-wide CBDC with its first comprehensive update, detailing its plans for offline functionality, holding limits and tender process.
Despite a constant push, many Germans still don't know what a digital euro is, with some thinking it's meant to replace cash, and for those who do know, there are worries about an invasion of privacy.
The overall estimate found by Deutsche Bundesbank was that 10% of German money holdings would shift into the digital euro, with bank deposits being hit the hardest.
German central banker Dr. Joachim Nagel says the digital euro won't likely be live before 2028-2029 as Europe continues to iron out roadblocks that prevent the CBDC from being fully established.
Germany is MIT’s fourth central bank partner in a study that will focus on the digital euro, although Bundesbank has speculated there could be other applications.
The Dutch Central Bank President Klaas Knot says digital euro needs “to keep up with society. To pursue strategic autonomy. And to maintain access to public money in a digital world."
The ECB is establishing seven new ‘workstreams’ to develop the digital euro rulebook, and experts in payments infrastructure and architecture were encouraged to apply by April 5.
EU inches closer to having a CBDC after 48 LIBE members voted in favor of the digital euro, but it likely won't be until June 2024 before a full EU Parliament vote is heard.
The ECB Rulebook Development Group report provides an insight into the technical aspects of the European Union’s central bank digital currency design.
The European Central Bank recently held a meeting in which it outlined the themes it’s exploring, including assessing the demand for a wholesale CBDC and the need for atomic payments.
The digital euro project enters a new phase following the conclusion of the investigatory period, but while the EU inches closer to embracing a CBDC, it's far from being a done deal.