ECB expands wholesale CBDC development

The European Central Bank (ECB) is advancing its wholesale CBDC platform to streamline institutional transactions, with plans for phased development and integration into existing systems. ECB board member Piero Cipollone emphasized the goal of fostering a more unified European financial ecosystem. According to Cointelegraph, the move follows the U.S. ban on CBDC development, prompting the ECB to stress the importance of a digital euro to compete with private stablecoins. ECB President Christine Lagarde also reaffirmed Bitcoin’s unsuitability as a reserve asset due to its volatility and risk.