ECB Board member Isabel Schnabel presented a framework with three models for issuing central bank money onchain, as the ECB develops its own DLT infrastructure.
Regulation & Gov ·
The European Central Bank's Board member Isabel Schnabel presented a framework outlining three distinct models for issuing central bank money onchain during a Thursday event. The proposal arrives as the ECB progresses work on its own distributed ledger technology infrastructure, which encompasses the Pontes and Appia initiatives.
The framework maps how tokenized central bank money, deposits, securities, and stablecoins could operate across blockchain networks. By laying out multiple structural approaches, the ECB is establishing a conceptual foundation for how digital versions of euro-denominated assets might function in an onchain environment.
Several unanswered questions remain about implementation timing, technical specifications for each model, and how the ECB's DLT projects will intersect with existing stablecoin ecosystems and deposit infrastructure. The framework's practical deployment pathway and regulatory coordination requirements across eurozone member states have not yet been detailed.