“Bank of Italy, one of the 3 central banks managing the European banking payment system, has devised a solution to have safe exchanges between the Euro banking circuit in Central Bank money and any digital asset on the Algorand public network. This is better than many CBDC projects, for public blockchains. Not simply creating a private centralized network for a CBDC, but a direct and safe usage of the public network. Of course this was possible… on Algorand!”
What happened? The Italian Central Bank just released a new report evaluating DvP (Delivery vs. Payment) between DLTs and traditional market infrastructure. The team selected Algorand to manage the asset portion of their research. Algorand was the DLT platform chosen among a number of candidates to manage the asset leg due to its permissionless forkless nature, with a deterministic consensus protocol, and low block finalization time.