欧洲央行-应对数字化和碎片化的中央银行货币现代化（英）

www.ecb.europa.eu © www.ecb.europa.eu © Piero CipolloneMember of the Executive Board of the ECB16 June 2025Modernising central bank money in response to digitalisation and fragmentationOsservatorio Banca Impresa 2030www.ecb.europa.eu © www.ecb.europa.eu © The Eurosystem aims to modernise central bank money in response to the transformation taking place in payments and finance. Current challenges2Fragmentation•No European payment solution allows digital payments throughout the euro area•New settlement assets could reintroduce fragmentation and credit risk•Geopolitical tensions are increasing the risk of fragmentation in the global financial systemDigitalisation•Digitalisation is reducing the role of cash, increasing our external dependencies •Tokenisation and distributed ledger technology (DLT) could transform financial transactionswww.ecb.europa.eu © www.ecb.europa.eu © Our main areas of focus3Digital euroNew technologies for settlement of wholesale transactionsCross-border interlinkingInternal leg External leg www.ecb.europa.eu © www.ecb.europa.eu © To deliver on our mission and fulfil our mandate, we need to bring retail central bank money into the digital age by providing a digital equivalent to cash.A digital euro would empower Europe in three ways: Offer greater everyday convenience Available to everyone and accepted throughout the euro area for any digital payment Enable private sector initiatives to scale up to pan-European level Open standards and acceptance network, providing a platform for innovation Enhance Europe’s strategic autonomy and resilience European governance, European infrastructure and offline functionalityCurrently, we are laying the technical foundations for the potential issuance of a digital euro.Digital euro4www.ecb.europa.eu © www.ecb.europa.eu © There has been a significant increase in the adoption of financial technology, particularly distributed ledger technology (DLT) and the digital representation of assets on programmable platforms (tokenisation).DLT can enhance efficiency: trading, settlement and custody on same platform; 24/7/365 operating hours; smart contracts to automate and speed up processes between issuers & investorsA shared DLT platform could lower barriers to entry, enabling small and medium-sized enterprises to access capital marketsTo address market demand, the Eurosystem has conducted exploratory work to test DLT for the settlement of wholesale transactions in central bank money. Next step: in the short-term, offer a platform for the settlement of DLT-based transactions in central bank money through an interoperability link with TARGET Services.Looking further ahead: the Eurosystem will explore a more integrated, long-term solution. Opportunity to create an integrated European market for digital assets (digital capital markets union) from the outset New technologies for settlement of wholesale transactions 5www.ecb.europa.eu © www.ecb.europa.eu © We have recently decided to launch initiatives to h