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ECB Builds CBDC Payment System on Corda Blockchain

However, the current ECB President ECB Christine Lagarde believes that they should remain ahead of the curve, especially when China is already set to launch its digital currency while many other nations are planning to do the same. visit this link.http://bit.ly/38V9W6w

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ECB Builds CBDC Payment System on Corda Blockchain

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  1. Cryptoknowmics: Crypto News in One Click https://www.cryptoknowmics.com/

  2. 2 The European Central Bank (ECB) released a report on Tuesday outlining the details of its Central Bank Issued Digital Currency (CBDC) payment system focused on partial anonymity and complete compliance. https://www.cryptoknowmics.com/

  3. 3 ECB Builds CBDC Payment System on Corda Blockchain https://www.cryptoknowmics.com/

  4. 4 ● The newly developed CBDC payment system would make use of anonymity vouchers for small transactions, but the same won't be applied for more significant transactions. ● The report notes,"The proof of concept shows that it is possible, using the Corda platform, to build a simplified CBDC payment system that safeguards users' privacy for lower-value transactions, while still ensuring that higher-value transactions are subject to mandatory AML/CFT checks. https://www.cryptoknowmics.com/

  5. 5 How the PoC Based CBDC Payment System Works? ● The newly developed PoC based payment system works on the Corda blockchain, where there are in total four parties involved as a node in the network. The first party is the Central Bank itself; then, there are two intermediaries and an AML authority. ● The central bank won't interact with the customers directly, as that would be the task of intermediaries who will also be responsible for maintaining the ledger. https://www.cryptoknowmics.com/

  6. 6 The Regulatory Concerns of ECB and EU ● ECB might have proposed the PoC based payment system now, but there has been a long debate whether the ECB should go ahead with a CBDC despite EU's regulatory clampdown on digital currency. ● The EU authorities in early December made it clear that stable coins like CBDC should not be allowed in the financial ecosystem unless all regulatory and legal compliance are addressed. https://www.cryptoknowmics.com/

  7. 8 Conclusion • However, the current ECB President ECB Christine Lagarde believes that they should remain ahead of the curve, especially when China is already set to launch its digital currency while many other nations are planning to do the same. These digital currencies like CBDC should be concentrated on, as in the future, the value of these tokens will be tied to the government-issued currencies. Source https://www.cryptoknowmics.com/news/ecb-builds-cbdc-payment-system-on-co rda-blockchain https://www.cryptoknowmics.com/

  8. 9 Crypto news and articles Exchange & wallet listing Market & price analysis Crypto discussion forum ICO listing and rating Crypto jobs marketplace Features Tokens and coin listing Airdrop and event listing DApp listing & review ICO Launchpad Crypto gaming platform Blockchain tutorials and courses https://www.cryptoknowmics.com/

  9. Contact us 10 For any further queries or clarifications please contact at -https://www.cryptoknowmics.com/ - listing@cryptoknowmics.com - info@cryptoknowmics.com https://www.cryptoknowmics.com/

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