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The European Central Bank (ECB) is actively seeking expressions of interest from financial market stakeholders to participate in trials involving new technologies for wholesale central bank money settlement. This practical exploratory work encompasses trials with central bank money (CeBM) settlement and experiments with mock settlement in a controlled test environment.
Conducted across three central bank platforms provided by Deutsche Bundesbank, Banca d’Italia, and Banque De France, the trials will specifically address delivery-versus-payment (DVP) in CeBM for distributed ledger technology (DLT)-based digital assets denominated in euros. The scope will also extend to various operations related to securities’ lifecycle management.
The exploratory work may further include cross-currency and cross-border payments in CeBM, along with automated wholesale payments in CeBM linked to commercial banks’ utilization of ‘deposit tokens,’ necessitating CeBM wholesale settlement.
Financial market stakeholders keen on participating in these trials and experiments, scheduled between May 2024 and November 2024, are encouraged to submit their interest to the relevant national central banks by January 31, 2024.
Initiating its initial exploratory work on DLT for wholesale settlement in April, the Eurosystem aims to share key insights into its findings during a focus session scheduled for December 15, 2023, from 9:00 to 14:00 CET. This event will outline the work’s objectives, provide details on planned trials and experiments, and showcase three potential solutions.
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