EU exploring Ethereum, Solana for digital euro launch: FT

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The European Union is reportedly exploring main public blockchain networks like Ethereum and Solana for its digital euro design.

The European Central Bank (ECB) is contemplating operating a digital euro on a public blockchain like Ethereum somewhat than a non-public one, the Financial Times reported on Friday, citing folks acquainted with the matter.

Unlike a non-public blockchain, the place knowledge is strictly restricted to approved entities, public blockchains like Ethereum or Solana are open to everybody.

If confirmed, the EU’s exploration of public blockchains would characterize a major milestone within the digital euro’s improvement, on condition that the ECB has not but finalized the know-how framework for the venture.

Public mannequin in comparison with US stablecoins

The use of a public blockchain is “definitely something that [EU officials are] taking more seriously now,” one of many folks concerned within the digital euro discussions advised the FT.

Another particular person stated a digital euro in a non-public kind would look “much more like what the Chinese central bank is doing than what private companies in the US are doing.”

The particular person particularly referred to China’s central financial institution digital foreign money (CBDC), which is deployed privately, against public-run stablecoins developed by firms like Circle.

Related: China weighs yuan-backed stablecoins in main coverage shift: Reuters

Europe has been more and more involved in regards to the US stablecoin push promoted by the Trump administration and its implications for the autonomy of the European monetary system.

In April, ECB government board member Piero Cipollone referred to as for chopping stablecoin utilization in Europe by introducing a digital euro, citing adoption dangers of the US dollar-pegged stablecoins, which dominate the stablecoin market at 98%.

The ECB has but to publicly affirm whether or not it’s contemplating Ethereum or Solana. Cointelegraph contacted the central financial institution for remark however didn’t obtain a response by publication.

This is a growing story, and additional info might be added because it turns into out there.

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