ECB Needs to Adopt Blockchain, Says Isabel Schnabel

Isabel Schnabel, a member of the Executive Board of the European Central Bank (ECB), stated that the institution must adopt blockchain technology to modernize and take advantage of new tools. During the Jackson Hole Economic Policy Symposium, she emphasized the need for central banks to enter the blockchain space to reap benefits, suggesting that the ECB should issue money on-chain. Schnabel argued that smart contracts could facilitate the implementation of monetary policy, allowing for immediate adjustments in interest rates and guarantees. Her vision is supported by industry figures such as Changpeng Zhao, founder of Binance, who advises countries to issue their own stablecoins. While the ECB plans to launch the digital euro by 2029, the institution is also exploring other options, such as the Bridge and Appia projects, aimed at modernizing the eurozone economy and improving market efficiency.