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In this episode, Tony McLaughlin outlines a network on which different forms of money that we already know today can be transferred as tokens issued on distributed ledgers. These different monies are all “regulated liabilities” and include commercial bank money, electronic money, and central bank money. A network that tokenizes regulated liabilities on the same chain may deliver a next generation digital money format with the benefits of DLT but without the downsides of currently discussed digital money forms such as stablecoins or CBDCs.

As DLT has the potential to represent multiple forms of digital value, we might go further...

Most of the central banks around the world consider issuing a CBDC mainly as a consequence of the declining use of cash as a means of payment and to position themselves against increased competition from novel forms of private sector-issued money such as cryptocurrencies and stablecoins. In most jurisdictions, CBDC design requirements and design principles are currently being analyzed and discussed. A consultation by the European Central Bank (ECB) revealed that privacy seems to be the most important requirement for a CBDC for European citizens. Privacy of transaction data is important for ensuring the security of the data and fair...

Digital payment solutions constitute an important strategic building block in Europe’s quest for digital competitiveness and strategic autonomy. Various European institutions have increased their efforts to modernize the payment infrastructures in Europe, including the Digital Finance Package by the European Commission and the inquiry into a digital euro by the European Central Bank (ECB). However, in particular, the private sector is at the forefront of analyzing the impact of a digital Euro, e.g., in this context, a digital euro based on distributed ledger technology (DLT).

oday, cross-border payment systems are far from being frictionless and efficient. According to data by the World Bank, for cross-border payments, on average, more than 7% transaction fees are charged. Central bank digital currencies (CBDCs) have the potential to improve these international payment processes in various ways. At this point, standardization, harmonization and interoperability between domestic payment systems with possible different payment arrangements become strikingly important. A committed cooperation to build a bridge between multi-currency cross-border payments through an enhanced financial infrastructure with the design principles supporting privacy, security, fairness, efficiency, inclusivity, and legal compliance would bring about a promising...

The Digital Euro Association (DEA) webinar series “private sector and the digital euro” will continue with a webinar on stablecoins. As of the end of May 2021, stablecoin supply exceeds $100 billion in market value according to data from The Block. This substantial development in the stablecoin market is primarily driven by the significant global demand for digital assets in the Decentralized Finance (DeFi) space. While stablecoins are in the spotlight, debates around their stability, resiliency, risk, and compliance with existing regulations in financial markets are currently being shaped. However, the stablecoin market is dominated by US stablecoin providers –...

In this Episode, we focus on the digital euro project and address the following questions:

Do we need a digital Euro?
If yes, why? What are the use cases of a digital Euro?
Which role should the private sector play?
What could be a timeline for the ECB to issue a CBDC?
How advanced is the ECB in the development of a digital Euro? When should we expect to see a Euro-CBDC?
What are the consequences of delayed action by the ECB?

In a four-part podcast series, Alexander Bechtel and Manuel Klein explain how the euro can be "digitized", which different forms the digital euro can take, and what hurdles must be overcome to make the digital euro a reality. The last episode focuses on the reasons for a digital Euro.

In a four-part podcast series, Alexander Bechtel and Manuel Klein explain how the euro can be "digitized", which different forms the digital euro can take, and what hurdles must be overcome to make the digital euro a reality. The third episode focuses on private forms of the digital Euro.

In a four-part podcast series, Alexander Bechtel and Manuel Klein explain how the euro can be "digitized", which different forms the digital euro can take, and what hurdles must be overcome to make the digital euro a reality. The second episode focuses on central bank digital currencies (CBDC).

In a four-part podcast series, Alexander Bechtel and Manuel Klein explain how the euro can be "digitized", which different forms the digital euro can take, and what hurdles must be overcome to make the digital euro a reality. The first episode focuses on the existing money system.