Results of trial for wholesale distributed ledger technology (DLT) settlement by Eurosystem to be evaluated in January

Results of trial for wholesale distributed ledger technology (DLT) settlement by Eurosystem to be evaluated in January

European Central Bank to Review Lessons from Wholesale DLT Settlement Trials

The European Central Bank (ECB) is set to discuss the lessons learned from its wholesale Digital Ledger Technology (DLT) settlement trials using central bank money, which concluded last month. Sixty-four institutions, including Banco Santander, BNP Paribas, Deutsche Bank, ING, and Société Générale, participated in over 40 trials and experiments.

These trials and experiments, conducted by the Eurosystem and participants, involved real money, with more than 200 transactions totalling €1.59 billion being conducted during the trials. The trials aimed to explore the potential of DLT for settling large-value payments among banks more efficiently and securely.

Some participants had hoped for an extension of the trials to maintain momentum, but as of the end of this article, no decision has been made regarding the extension or continuation of the trials. The ECB will consider the lessons learned from the trials before deciding on the next steps.

Switzerland's wholesale CBDC pilot was extended by two years before it ended, but it remains to be seen if a similar extension will be granted for the Eurosystem's trials. The ECB's discussions in January are expected to provide more clarity on the future of these trials.

The trials and experiments offered valuable insights into the practical application of DLT in a central bank context. The ECB will carefully consider these insights before making any decisions about the future of these trials.

For pro subscribers, this article provides access to complete articles, exclusive industry analysis, and early access to legislative updates. Stay tuned for more updates on the ECB's decision regarding the future of its wholesale DLT settlement trials.

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