ECB Paves Way for Blockchain-Based Central-Bank Money

European Central Bank Executive Board member Isabel Schnabel has called for central-bank money to be brought onto blockchain infrastructure, citing the programmability of distributed ledgers as a tool to modernize monetary-policy implementation and manage collateral and liquidity.

The ECB's plan is to launch Pontes in September 2026 to link DLT platforms with TARGET services, which are the backbone of euro-area interbank payments. A blueprint for Appia, the longer-term effort to overhaul the region's settlement infrastructure, is expected in 2028.

Schnabel said that the ECB is still evaluating different models, including a unified ledger or a design that links multiple ledgers, which means the final architecture has not yet been settled.