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DLT could change how central banks issue base money: ECB’s Yves Mersch

Distributed ledger technology (DLT) has the potential to transform the issuance of base money by central banks, executive board member of the European Central Bank (ECB) said recently.

Speaking at the Slovenian Banking Days conference, Yves Mersch focused on structural, regulatory and technological challenges for the markets. Underscoring the impact of technology on central banking operations, he said that the ECB is currently carrying out research to better understand blockchain technology.

“The advent of Distributed Ledger Technology (DLT) has the potential to change how central banks issue base money and operate payment systems,” Mersch said. “It remains to be seen whether DLT can genuinely provide more efficient central banking services, while still operating smoothly and offering the necessary legal safeguards.”

He emphasized that only through detailed research and testing would help to determine if and how the technology should be used.

“This is different from the steady upgrading of our platforms to meet the demand for real-time services, as in the case of instant payments for instant purchases,” Mersch added.

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