Schnabel Urges ECB to 'Go On-Chain' with Blockchain

ECB board member Isabel Schnabel has called on her institution to adopt blockchain technology to safeguard its role in the financial system.

Schnabel made the remarks at the annual Jackson Hole Economic Policy Symposium, arguing that embracing blockchain could help central banks respond faster to market strains.

The European Central Bank should 'go on-chain', Schnabel said, by bringing central bank money into tokenized environments and modernizing policy implementation tools.

This would preserve the role of central bank money over private alternatives like stablecoins, she added.