数字时代的中央银行货币

digitalisation and fragmentation ABI Executive Committee meeting www.ecb.europa.eu ©www.ecb.europa.eu ©Piero CipolloneMember of the Executive Board of the ECB 17 September 2025 Current challenges DIGITALISATION FRAGMENTATION •No European retail payment solutioncurrently allows people to pay digitallyacross the euro area•New settlement assets could reintroducefragmentation and credit risk•Geopolitical tensions increase the risk offragmentation in the global financial system •Digitalisation is reducing the use ofcash and increasing our dependencyon non-European providers for digitalretail payments•Tokenisation and distributed ledgertechnology (DLT) could transformfinancial transactions The Eurosystem aims tomodernise central bank moneyin response to thetransformation taking place in payments and finance. MODERNISING CENTRAL BANK MONEY Our main areas of focus Digital euro New technologies forsettlement of wholesaletransactions Cross-border interlinking THE DIGITAL EURO Complementing physical cash with its digital equivalent The digital euro wouldempower Europethrough: GREATER STRATEGICAUTONOMY ANDRESILIENCE EVERYDAYCONVENIENCE INNOVATION AND PAN-EUROPEAN REACH Open standards andacceptance network, providinga platform for innovation andpan-European reach Available to everyone andaccepted throughout the euroarea for any digital payment European governance,European infrastructure andoffline functionality We are laying the technical foundations for the potential issuance of a digital euro. NEW TECHNOLOGIESFOR SETTLEMENT OF WHOLESALE TRANSACTIONS There has been a significant increase in the adoption ofdistributed ledger technology (DLT) andtokenisation(the digital representation of assets on programmable platforms). DLT could: ENHANCE EFFICIENCY LOWER BARRIERS TO ENTRY •Trading, settlement, and custody on thesame platform•24/7/365 operating hours•Use ofsmart contractsto automate and speed upprocesses between issuers and investors A shared DLT platform couldenable small andmedium-sized enterprises to access capitalmarkets EUROSYSTEM EXPLORATORY WORK •To address market demand, the Eurosystem has conductedexploratory workto testDLT 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 findingsfrom the Eurosystem’sexploratory work PONTES AND APPIA PROJECTS Update on our work PONTES Increase safety and efficiencyacross the financial ecosystem Offering a Eurosystem DLT-based solution, linkingDLTplatforms and TARGET Services to settletransactions in central bank money Market integration and furthercompetition Focusing on a long-term approach for an innovativeand integrated payments and securities ecosystem inEuropethat also facilitates safe and efficientoperations at the global level International role of the euroand connection to the rest ofthe world The Eurosystem is committed to supporting innovation without compromising on safety andefficiency in financial market infrastructures. CROSS-BORDER INTERLINKING Our initiatives in line with G20 objectives MULTI- AND CROSS-CURRENCY SETTLEMENT Leveraging the multi-currency feature of theEurosystem’s instant payments settlement service(TIPS) to settle funds end to end instantly in centralbank money, in TIPS hosted currencies. GLOBAL CROSS-BORDER PAYMENTS The ECB is committed to improving cross-border paymentsglobally by: •implementing the cross-currency settlement service forcross-border payments;•interlinking with fast payments systems outside Europethrough multilateral networks. www.ecb.europa.eu ©www.ecb.europa.eu ©