欧洲央行-数字时代的中央银行货币（英）

www.ecb.europa.eu © www.ecb.europa.eu © Piero CipolloneMember of the Executive Board of the ECB17 September 2025Central bank money for the digital eraOur strategy in response to digitalisation and fragmentationABI Executive Committee meetingwww.ecb.europa.eu © www.ecb.europa.eu © DIGITALISATION2Current challengesFRAGMENTATION•Digitalisation is reducing the use of cash and increasing our dependency on non-European providers for digital retail payments•Tokenisation and distributed ledger technology (DLT) could transform financial transactions• No European retail payment solution currently allows people to pay digitally across the euro area• New settlement assets could reintroduce fragmentation and credit risk• Geopolitical tensions increase the risk of fragmentation in the global financial systemThe Eurosystem aims to modernise central bank money in response to the transformation taking place in payments and finance.www.ecb.europa.eu © www.ecb.europa.eu © MODERNISING CENTRAL BANK MONEYOur main areas of focus3Digital euroNew technologies for settlement of wholesale transactionsCross-border interlinkingwww.ecb.europa.eu © 4THE DIGITAL EUROINNOVATION AND PAN-EUROPEAN REACHEVERYDAY CONVENIENCE GREATER STRATEGIC AUTONOMY AND RESILIENCEAvailable to everyone and accepted throughout the euro area for any digital paymentOpen standards and acceptance network, providing a platform for innovation and pan-European reachEuropean governance, European infrastructure and offline functionalityWe are laying the technical foundations for the potential issuance of a digital euro.Complementing physical cash with its digital equivalentThe digital euro would empower Europe through:www.ecb.europa.eu © 5NEW TECHNOLOGIES FOR SETTLEMENT OF WHOLESALE TRANSACTIONS There has been a significant increase in the adoption of distributed ledger technology (DLT) and tokenisation (the digital representation of assets on programmable platforms). DLT could:• Trading, settlement, and custody on the same platform• 24/7/365 operating hours• Use of smart contracts to automate and speed up processes between issuers and investorsENHANCE EFFICIENCYA shared DLT platform could enable small and medium-sized enterprises to access capital marketsLOWER BARRIERS TO ENTRYEUROSYSTEM EXPLORATORY WORK• To address market demand, the Eurosystem has conducted exploratory work to test DLT for the settlement of wholesale transactions in central bank money • There is an opportunity to create an integrated European market for digital assets (digital capital markets union) from the outset. Report with key findings from the Eurosystem’s exploratory workwww.ecb.europa.eu © www.ecb.europa.eu © Market integration and further competitionInternational role of the euro and connection to the rest of the worldPONTES AND APPIA PROJECTSUpdate on our work6Increase safety and efficiency across the financial ecosystemThe Eurosystem is committed to supporting innovation without compromising on safety and efficiency in financial