The European Central Bank (ECB) laid out plans to establish a payment system to settle transactions in central bank money.
The two-track plan includes establishing a settlement platform using central bank money and creating a long-term solution for using central bank money in digital ledger-based transactions, involving foreign exchange settlement among other international financial use cases, according to a Thursday release.
The endeavor attempts to augment a European market for digital assets, the release continues.
"We are embracing innovation without compromising on safety and stability," said Piero Cipollone, an ECB Executive Board member helming the endeavor, in a statement. "This is an important contribution to enhancing European financial market efficiency through innovation. Our approach will pay due attention to the Eurosystem’s goal of achieving a more harmonised and integrated European financial ecosystem."
Europe's public and private sectors have long been home to a number of central bank digital currency (CBDC) pilots, especially regarding cross-border transfers.
In January, the ECB highlighted the need for digital asset payment initiatives, especially around the digital euro, as a way to compete with dollar-backed stablecoins, The Block previously reported.
That said, the trading union's central bank has historically been skeptical of crypto. Christine Lagarde, president of the ECB, rejected the idea of using bitcoin as a treasury asset due to its volatility and association with anti-money laundering.
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