26 Apr '16, 9am

ECB experiments with technology behind bitcoin - E.ie

ECB experiments with technology behind bitcoin - E.ie

The European Central Bank is doing "experimental work" with the same ledger technology that underpins virtual currency bitcoin. But it needs further research before considering adopting it, an ECB executive board member has said. Yves Mersch said the ECB would look into whether distributed ledger technology (DLT) could be adopted as the market infrastructure of the euro zone's system of central banks. DLT is a shared database that can be used to secure and validate any type of transaction. "From a central bank perspective, in the context of our strategic reflections on the future of the Eurosystem's market infrastructures, we are certainly open to new technologies and, like many market players, have launched some experimental work with DLT," Mersch said. "It is clear that we have a lot of more thinking to do on DLT-related questions and their policy implications," he added...

Full article: http://www.rte.ie/news/business/2016/0426/784281-ecb-and-...

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