ECB board member says central bank money should move onto blockchain

European Central Bank Executive Board member Isabel Schnabel said central bank money, which is issued and managed by central banks, should be moved onto blockchain networks, according to Bloomberg.

Speaking at the Jackson Hole conference on Aug. 28, Schnabel said the shift is aimed at revamping how monetary policy is implemented. Schnabel added that using on-chain systems would allow central bank money to retain its role as the foundation for settlement while making use of distributed ledger programmability, including the ability for funds to move automatically when preset conditions are met.

Source: Coinness