Results of Eurosystem's trial for distributed ledger technology (DLT) wholesale settlement to be evaluated in January

The European Central Bank (ECB) recently concluded the Eurosystem trials for wholesale DLT settlement using central bank money. Over 60 institutions, including major central banks from the Eurozone, several large commercial banks, and leading financial market infrastructures, participated in more than 40 trials and experiments during the trials.

The trials, which involved real money, saw over 200 transactions with a total value of €1.59 billion being conducted. Despite some participants expressing hope for an extension to maintain momentum, the ECB has not yet announced any extension for the Eurosystem trials.

In a separate development, Switzerland's wholesale CBDC pilot has been extended by two years. The extension was announced before the pilot ended, marking a significant step forward in the exploration of central bank digital currencies (CBDCs).

Following the conclusion of the Eurosystem trials, the ECB will discuss the lessons learned with participants in January. After this discussion, the ECB will consider next steps. The Swiss CBDC pilot, on the other hand, will continue for another two years, providing valuable insights and experience in the field of CBDCs.

It is important to note that the Eurosystem trials did not receive an extension, as of the information provided. The extension of the Swiss CBDC pilot, however, underscores the growing interest in CBDCs and the potential they hold for the future of financial systems.

As the world continues to navigate the digital age, the exploration and development of CBDCs are becoming increasingly important. The conclusions drawn from the Eurosystem trials and the ongoing Swiss CBDC pilot will undoubtedly contribute to our understanding of this emerging technology and its potential impact on the financial landscape.