The Results of the ‘Digital Euro’ CBDC Trials Are Finally Here By DailyCoin – Investing.com

The Results of the ‘Digital Euro’ CBDC Trials Are Finally Here By DailyCoin – Investing.com

Cryptocurrencies, such as bitcoin, ethereum, and several other altcoins have gained immense popularity over the last couple of years, establishing themselves as potential competitors of fiat currencies.

This, in turn, has led many leading central banks all over the world to contemplate launching their own versions of digital currencies. While several countries are already researching the possibilities, the European Central Bank (ECB) has been working on an experimental ‘digital euro’, testing different compatible solutions since September 2020.

The ECB assessed different design features to validate whether it was possible to combine centralized technology with distributed platforms based on distributed ledger technology (DLT). From the numerous approaches tested and evaluated, the ECB found that the blockchain networks Tezos, Hyperledger Fabric, and NEM are fully interoperable with existing fiat systems, allowing several use cases and supporting various features of a potential CBDC in the future.