ECB Warms to Blockchain Technology

The guardian of the euro, the ECB, has plenty on its plate, with debt-ridden member states such as Greece and recently with the German Federal Constitutional Court. Still, the bankers in Frankfurt are finding some time to think about the future as well.

In a paper on the «Eurosystem's vision for the future of Europe's financial market infrastructure», a report about the transaction of payments and securities, the ECB acknowledges the potential usefulness of the blockchain, the first central bank to come to that conclusion.

Revolutionary Technology

As a guarantor of real money, the Frankfurt-based monetary authority hitherto wasn't particularly interested in digital money. In March of last year, the ECB called them inherently unstable, according to «Coindesk». Digital currencies such as bitcoin are based on the blockchain technology, which some experts say is as revolutionary as the Internet.

The change of heart makes sense: the bank wants to find out whether the technology has the potential to be used for the transaction of payments and securities as well as for depots.


Top stories from across the globe

  • Alpine Gold Vaults are the New Swiss Bank Accounts
  • Wall Street's Spiritual Guru
  • Goldman Banker Goes from $9 Million Payday to «Disappearing» in Libya
  • The Tax Audit from Hell for the Super-Rich
  • Malaysian PM's Wife Booted from Awards Ceremony
  • John Cryan's Peevish Questions for BlackRock's Larry Fink
  • PM's Wife's Love of Birkin Bags, Jewelry Takes Center Stage
  • 1MDB: What’s a Few Missing Billions Among Friends?

Follow us

Follow on Twitter Follow on LinkedIn Follow on Facebook Follow

Compare my salary

Compare my salary

Feeling Underpaid? Benchmark your salary by job title, company and location. Find out where you stand in minutes.

compare my salary


Newsletter-SymbolFree Subscription

Sign up now for our free newsletter and receive email alerts twice a week with the lastest news from