ECB experiments with CBDC private payment system

CBDC private payment system can be a reality soon. European Central Bank has recently conducted a research that claimed that central bank digital currency system offering utmost user-privacy could be developed using the right mechanisms. The report titled as ‘Exploring Anonymity in Central Bank Digital Currencies’, this report focused on creating a dedicated ‘Proof-of-Concept’ for a central bank digital currency that will offer its users bullet-proof security and privacy. The benefits to the public were explained in detail besides its impact on the European financial systems have also been detailed. Accenture and R3 were involved in the development of this