The digital euro will allow for innovation, the ecb has said – but it seems skeptical about involving distributed ledgers and smart contracts in the currency's design. jackschickler reports.
“This exercise shows that it is possible to smoothly integrate the digital euro design choices into the existing payment landscape while leaving ample scope for innovative features and technologies,” ECB Executive Board member Fabio Panetta said in a, adding that findings “will serve as input for both the functional and technical design of a digital euro.”
While the digital euro was at one stage floated as an answer to Facebook’s own currency, Libra – subsequently renamed diem and then abandoned – the ECB’s prototypes have beenAs EU lawmakers called for a U-turn on the plans, Panetta appeared keen to downplay the long-term significance of Amazon’s involvement, saying that prototypes were a “lab experiment” to be “discarded and not used further.
The UTXO system “allows for fast and efficient validation of transactions,” supporting different payment types while protecting privacy, thesaid, adding that it also allowed conditional payments to be made without using smart contracts – a type of automated software popular in decentralized finance. In June, the European Commission is due to publish a bill covering digital euro privacy safeguards and other major issues. But lawmakers have
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