PANews reported on February 21 that according to Cointelegraph, according to an announcement on February 20, the European Central Bank (ECB) is expanding the development of a wholesale central bank digital currency (CBDC) payment system to settle transactions between institutions.

The establishment of the new system will be carried out in two stages. First, the CBDC settlement platform will be developed, while the second stage involves deeper integration with existing ECB systems, such as the foreign exchange trading market. Piero Cipollone, a member of the ECB's executive board and the central bank official responsible for supervising the wholesale CBDC plan, said the plan will help achieve "a more coordinated and integrated European financial ecosystem."