ECB Builds CBDC Payment System on Corda Blockchain

[hellenjones260]

The European Central Bank (ECB) released a report on Tuesday outlining the details of its Central Bank Issued Digital Currency (CBDC) payment system focused on partial anonymity and complete compliance. The new payment system is built on Corda blockchain and makes use of Proof-Of-Concept (POC) to promote anonymity to a certain degree. The new system would allow the users to send small transactions via Central Bank without having to reveal their identity.

The newly developed CBDC payment system would make use of anonymity vouchers for small transactions, but the same won't be applied for more significant transactions. The report notes,

[Senin]

Very good for a centralized state system represented by the Central European Bank. If anonymity of the user is maintained during minor transactions, then this will probably be in demand. True, the state system can always change the rules of settlements. Everything will depend on the specific conditions and conditions.

[Fenix]

We see that the governing bodies of the European Union, and the states that are part of it, are generally very positive about cryptocurrency and are looking for ways to intelligently cooperate with it and actively apply it in practice. This creates a good basis for the further development of cryptocurrency. A certain balance is needed on the issue of anonymity of decentralized cryptocurrency. In this regard, there are good FATF recommendations of June 21 last year that transactions worth less than a thousand euros may be anonymous.