Blockchain technology is still in an exploratory phase in the European financial sector, but widespread adoption in wholesale payments is expected in the coming years, prompting central banks to take action.

This was stated by European Central Bank member Piero Cipollone while opening the 30th Assiom Forex Congress in Genoa, emphasizing that “central banks cannot remain inert” in the face of potential large-scale adoption of such innovations, which could compromise the system’s role as an anchor ensuring efficiency and stability in payment systems.

“The rapid growth of digital technologies has sparked broad market interest and stimulated experimentation,” Cipollone stated. “DLT-based technology (digital representation of financial or real assets on distributed ledger platforms) is promising as it could enhance operational efficiency for some traditional uses and enable new use cases.”

During his speech, Cipollone emphasized the need for caution “to ensure that such innovations do not compromise the central bank’s role in stabilizing currency in settling transactions between financial institutions. Therefore, central banks must be prepared for possible widespread adoption of new technologies and keep pace with their evolution, as they have done in the past.

Subscribe to our free newsletter!

You have been successfully Subscribed! Ops! Something went wrong, please try again.
  • All
  • Articles
  • Financial news
  • Market Update
Europe Reduces Gas Demand Amidst Ukraine Crisis

21 February 2024

Since the Russian invasion of Ukraine, Europe has decreased its gas demand by 20 percent, reaching the lowest level in a decade. Consumption has been curbed, and gas from Russia has been replaced by LNG (liquefied natural gas). The decline has been particularly noticeable in large countries such as Germany, Italy, and the United Kingdom, […]

Cocoa Prices Soar: Challenges and Impacts on Chocolate Industry

14 February 2024

There appears to be no halt in the upward trajectory of cocoa bean prices. In 2023, cocoa emerged as the top-performing commodity, skyrocketing by 65%. Just two months into the new year, there’s already another surge of over 40%. This places cocoa, the vital ingredient for chocolate, at the forefront of Bloomberg’s data aggregator overview […]

European Central Bank Official Discusses Blockchain Technology’s Potential Impact on Financial Sector

13 February 2024

Blockchain technology is still in an exploratory phase in the European financial sector, but widespread adoption in wholesale payments is expected in the coming years, prompting central banks to take action. This was stated by European Central Bank member Piero Cipollone while opening the 30th Assiom Forex Congress in Genoa, emphasizing that “central banks cannot […]

Prev
123

Stay informed about the economy and financial markets. Reading financial insights and market news can help individuals make more informed investment decisions. It can also provide information on economic trends and events that may affect the performance of different investments. Additionally, it can help individuals stay up-to-date on changes in government policies and regulations that could impact the financial markets. Overall, staying informed about financial and market news can help individuals make more informed decisions about their investments and manage their financial portfolios more effectively.