cryptonews.net
$COTI ($COTI) has joined the ECB’s initiative to create a digital euro, a euro-wide central bank digital currency (CBDC) with a target launch by 2026. As part of a select group of “pioneering partners” including Accenture, KPMG and TATA, $COTI will help demonstrate how conditional payments can be implemented using the ECB’s simulated technical infrastructure.
The development is in line with $COTI’s track record in the CBDC space, having collaborated with the Bank of Israel on a proof of concept for the digital shekel last year. A key element of the project is privacy, an area in which $COTI has already excelled. Using the version of Soda Labs’ Garbled Circuits, sensitive data will be preserved even as the authenticity of a transaction is verified.
The concept of conditional payments requires verification of the origin of assets before transfer, and privacy solutions like $COTI can ensure that personal or corporate data remains private throughout. By addressing issues such as cross-border settlements and the conversion of multiple currencies, $COTI hopes to show the ECB how a digital euro could work seamlessly across the $15 trillion eurozone economy.
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