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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Barclays PLC    BARC   GB0031348658

BARCLAYS PLC

(BARC)
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Germany creates bridge between blockchain and euro

03/24/2021 | 07:10am EDT
FILE PHOTO: 20 Euro banknotes are displayed is this picture illustration

FRANKFURT (Reuters) - German authorities have developed technology allowing investors to buy and sell securities on the blockchain in return for central bank money, bridging a gap between two worlds that once seemed irreconcilable.

Private and public institutions around the world have been experimenting with using distributed ledger technology (DLT), best known for powering Bitcoin and other cryptocurrencies, for settling trades in official money.

The Bundesbank, which partnered with Deutsche Börse and the German government's debt agency for this project, said on Wednesday its solution was the first allowing those who sell securities on the blockchain to receive their proceeds on their account at the central bank.

The technology could be scaled up to the entire euro zone shortly and well before the European Central Bank's digital euro is launched, it said.

"The participants have demonstrated that it is possible to establish a technological bridge between blockchain technology and conventional payment systems to settle securities in central bank money with no need to create central bank digital currency," the Bundesbank said.

'TRIGGER-CHAIN'

During the test, a 10-year government bond was issued on the blockchain and traded, albeit only in test-mode, by six banks: Barclays, Citibank, Commerzbank, DZ Bank, Goldman Sachs and Société Générale.

The trades were settled on the blockchain with the help of a "trigger chain" that connects the assets on the distributed ledger with the euro zone's payment system, known as Target 2.

Hard-core supporters of cryptocurrencies are often sceptical of central banks and present their tokens as a superior form of money as they cannot be printed and devalued at will.

The ECB is exploring the creation of a digital euro, possibly based on blockchain, to complement cash in the next five years.

But the Bundesbank has been lukewarm on this project, saying it could destabilise the banking sector by drawing away depositors at times of crisis.

(Reporting By Francesco Canepa; Editing by Gareth Jones)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 1.28% 188.08 Delayed Quote.26.60%
COMMERZBANK AG -0.32% 5.041 Delayed Quote.-3.97%
DEUTSCHE BÖRSE AG -0.24% 147.5 Delayed Quote.6.18%
SOCIÉTÉ GÉNÉRALE 0.87% 22.085 Real-time Quote.28.63%
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Financials
Sales 2021 20 806 M 28 587 M 28 587 M
Net income 2021 2 853 M 3 921 M 3 921 M
Net Debt 2021 - - -
P/E ratio 2021 10,8x
Yield 2021 3,03%
Capitalization 31 800 M 43 714 M 43 693 M
Capi. / Sales 2021 1,53x
Capi. / Sales 2022 1,49x
Nbr of Employees 83 000
Free-Float 101%
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 198,28 GBX
Last Close Price 185,70 GBX
Spread / Highest target 59,4%
Spread / Average Target 6,78%
Spread / Lowest Target -21,9%
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James Edward Staley Group Chief Executive Officer & Executive Director
Tushar Morzaria Group Finance Director & Executive Director
Nigel Paul Higgins Group Chairman
Mark Ashton Rigby Group Chief Operating Officer
Laura Padovani Group Chief Compliance Officer
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