ECB Builds CBDC Payment System on Corda Blockchain
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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.
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ECB Builds CBDC Payment System on 
Corda Blockchain
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● 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.
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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.
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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.
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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-
corda-blockchain
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