26 Apr '16, 1pm

ECB experiments with technology behind bitcoin: Mersch

ECB experiments with technology behind bitcoin: Mersch

FRANKFURT 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 said on Monday. Yves Mersch said the ECB would look into whether distributed ledger technology (DLT) -- a shared database that can be used to secure and validate any type of transaction -- could be adopted as the market infrastructure of the euro zone's system of central banks. "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. He added: "It is clear that we have a lot of more thinking to do on DLT-related questions and their policy ...

Full article: http://www.reuters.com/article/us-eurozone-ecb-bitcoin-id...

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