This coming Monday’s Eurogroup meeting will include a discussion about tokenization, DLT and central bank money for wholesale settlement, as well as the status of the retail digital euro. The Eurogroup is an informal body of economic and finance ministers that meet to discuss issues relating to the euro currency.
Mr Hyun Song Shin, economic adviser and head of the monetary and economic department at the Bank for International Settlements (BIS) will take part in the discussion. He is involved in Project Agorá, the BIS project to combine tokenization and wholesale CBDC to speed up cross border payments using correspondent banking. It involves 41 institutions plus seven central banks, including the Banque de France as the EU representative.
During the recent Eurosystem wholesale DLT settlement trials that ended in November, the French central bank’s wholesale CBDC (wCBDC) or ‘exploratory cash tokens’ was one of three settlement solutions used for DLT-based transactions, but the only wCBDC. The Deutsche Bundesbank’s Trigger solution proved the most popular, perhaps reflecting the country’s more advanced development of tokenization given supporting laws. This year the Bundesbank has posted more ads to hire DLT staff.
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