The European Central Bank is accelerating the development of the wholesale CBDC platform
ChainCatcher news, according to Cointelegraph, reported that on February 20, the European Central Bank (ECB) is expanding the development of a wholesale Central Bank Digital Currency (CBDC) payment system for settling transactions between institutions.
The establishment of the new system will be carried out in two phases. First, a CBDC settlement platform will be developed, and the second phase will involve deeper integration with existing ECB systems, such as the foreign exchange trading market.
Piero Cipollone, a member of the ECB's Executive Board and an official responsible for overseeing the wholesale CBDC program, stated that the initiative will help achieve "a more coordinated and integrated European financial ecosystem."
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