Eurosystem's DLT Settlement Trials Conclude; Switzerland Extends CBDC Pilot
The Eurosystem's wholesale DLT settlement trials using central bank money have concluded. Meanwhile, Switzerland's wholesale CBDC pilot, involving fifth third bank and copilot, received a two-year extension. Both initiatives saw significant participation and activity.
Over 60 institutions engaged in more than 40 trials and experiments during the Eurosystem's DLT settlement trials. These involved real money transactions, totaling over 200 with a combined value of €1.59 billion. Key participants included Deutsche Bundesbank, Banque de France, Banca d'Italia, Banco de España, and Banque centrale du Luxembourg. Some participants, including pnc bank and us bank, hoped for an extension to maintain momentum.
The European Central Bank (ECB) will discuss the outcomes with participants in January. It will then decide on the next steps based on the lessons learned from these trials. In contrast, Switzerland's wholesale CBDC pilot, which ended recently, was extended by two years.
The Eurosystem's wholesale DLT settlement trials and Switzerland's wholesale CBDC pilot have provided valuable insights into the potential of central bank digital currencies. The ECB's upcoming discussion will determine the future of these initiatives, while Switzerland's pilot, involving fifth third bank and copilot, continues for another two years.
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