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Briefing
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- European Digital Currency – European System of Central Banks’ (ESCB) EUROchain research network, with support of Accenture and R3, announces proof-of-concept central bank digital currency (CBDC) in published paper on December 17, 2019
- Corda Platform – Digital currency will be built on R3’s Corda distributed ledger technology (DLT), which records information on transaction value, past and current owners of currency, and cryptographic proof of validity
- Circulation and Distribution – European Central Bank (ECB) will manage issuance and circulation of CBDC, which are then distributed and transactions processed by partnering intermediaries
- Private Transactions – Users with anonymity vouchers will be entitled to private transactions unseen by central bank or intermediaries up to certain amount over defined period, unless granted by user
- AML Authority – Dedicated agency will conduct anti-money laundering/combating financing of terrorism (AML/CFT) checks for large value transactions, and issues anonymity vouchers at ratio of one voucher per CBDC unit transferred
- Technology Components – Major entities will manage network nodes that operate web application called CorDapp that will allow for interaction between users, while application programming interfaces (APIs) will enable communication between parties
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Accelerator
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Market Disruption
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Sector
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Financial Services, Government (excluding military), Information Technology
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Function
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Customer Experience and Service, IT Infrastructure, Research and Development
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Organization
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Accenture plc, European Central Bank (ECB), R3
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Source
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Original Publication Date
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December 17, 2019
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