The European Central Bank (ECB) is adopting a new approach that could bring cryptocurrencies to the mainstream. The bank is proposing a new crypto payment system called “EUROchain”, according to Forbes website.
The system will act as the distributed ledger supporting Eurozone’s cryptocurrency. It includes several features developed by the ECB’s EUROchain research network with the support of Accenture and R3, the central bank said in a report.
The R3’s Corda-based ledger will help balance privacy with compliance measures, such as anti-money laundering (AML).
The project is to study how privacy can be balanced with compliance procedures, like anti-money laundering rules. In addition, the DLT helps reduce the cost of transactions.