ECB outlines three models for putting central bank money onchain

Each sentence links inside to the piece that supports it.

Banks, payment firms, and other market participants working on settlement infrastructure are the immediate audience for this framework, because it spells out three different ways central bank money could appear in programmable systems. Tomorrow morning, the practical question for them is which design would fit the systems they are building or testing now, since the models differ in where the money sits and how settlement is handled.

What changes in practice is the menu of structures being discussed: one model puts reserves natively onchain, one keeps reserves in existing systems and links them to DLT settlement, and one uses privately issued tokens backed by reserves. What does not change from this description is that the discussion still concerns central bank money and settlement infrastructure, even though the route onto programmable rails differs. (per theblock.co)