bundesbank

On September 8, the ZKsync development team Matter Labs announced that it has open-sourced the permission engine of its privacy blockchain platform Prividium for financial institutions under the Apache 2 license. This engine is responsible for managing roles and access permissions on the chain, determining who can read and write data. After the open-sourcing, institutions can run the permissioned chain in their own environment based on the public code without signing commercial agreements, and can independently inspect, run, and modify the core code, reducing reliance on a single vendor.The Deutsche Bundesbank became the first institution to test and deploy the open-source permission engine in its own infrastructure. Matter Labs stated that both parties will continue to collaborate on platform design and testing. Prividium achieves privacy by keeping transaction data within the institution, only recording zero-knowledge proofs that the ledger has been correctly updated on Ethereum or other compatible chains. Previously, the core of ZKsync OS, Atlas sequencer, Airbender prover, interoperability contracts, and block explorer and monitoring components have been open-sourced.Matter Labs CEO Alex Gluchowski stated that feedback from regulators indicated that relying solely on commercialized core components leads to unacceptable single vendor dependency, and the ability to run, inspect, and modify the code independently is a prerequisite for adoption. He also pointed out that this open-sourcing does not change the role of the ZK token, only adjusting which parts of the Prividium software are public code and which remain commercial products. Connectors such as management consoles, user access tools, and core banking system integrations remain paid products.

Members of the Governing Council of the European Central Bank and President of the Deutsche Bundesbank, Joachim Nagel, stated in a speech at the American Chamber of Commerce in Germany that the introduction of euro-denominated stablecoins could provide low-cost cross-border payment services for individuals and businesses, while addressing the dollarization risks posed by dollar stablecoins.Joachim Nagel pointed out that if domestic currencies are replaced by dollar stablecoins, it would be equivalent to the dollarization of the relevant economies, which could severely undermine the effectiveness of domestic monetary policy and European sovereignty. Currently, the European Central Bank is assessing the possibility of using distributed ledger technology for non-central bank currencies, including tokenized deposits and euro stablecoins, and plans to launch a digital euro by 2029. In addition, the European Central Bank is also developing a wholesale CBDC to allow participants in financial markets to execute programmable transactions.

ChainCatcher news, ECB board member and Bundesbank president Joachim Nagel stated to reporters during the International Monetary Fund (IMF) annual meeting in Washington, "We believe it is possible to reach the 2% inflation target earlier than we had anticipated, potentially in 2025."The European Central Bank has cut interest rates three times since June, and markets and economists expect further cuts in the future. Nagel warned against speculating on the next steps, stating, "We should not consider further rate cuts too hastily."

ChainCatcher news, according to Jinshi reports, the President of the German Central Bank, Nagel, stated that generative artificial intelligence is considered to have particularly significant opportunities for productivity enhancement. The current trend in AI development is that the required computing power doubles every 100 days. AI can now solve increasingly complex tasks and achieve better results.However, assessments of the overall economic productivity enhancement that AI can achieve vary, as this depends on multiple factors, primarily which tasks can be automated or supported by AI. The impact of AI on productivity largely depends on the importance of the tasks that AI can independently execute or support within the overall economy, as well as the speed of AI adoption and the occupational fields involved.