Project Delphi
Focus Area:
Exploring a Wholesale CBDC for DvP for Treasury bonds, Non fungible tokens and DeFi.
Overview:
Austria’s central bank, Oesterreichische Nationalbank (OeNB) in collaboration with the the national central security depository OeKB CSD, Raiffeisen Bank, and Erste Group Bank worked on some of the wholesale CBDC use cases.
The first phase focused on simulating delivery versus payment for an Austrian Treasury Bond issued on a blockchain and settled by commercial banks on the same platform using CBDC. The second phase explored more advanced functionality, business models as well as non-fungible tokens and DeFi.
The project is independent of the European Central Bank’s (ECB) retail digital Euro initiative.
Motivations:
- Reduce the two-day settlement cycle to T0.
- Make processes more efficient, reduce the number of intermediaries and fragmentation of systems. This will lead to cost savings and reduced risk
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