Study “The Programmable Euro: Review and Outlook”

Frankfurt am Main — November 19, 2021 — The Frankfurt School Blockchain Center (FSBC) has published a study on behalf of the Finanzplatz München Initiative (fpmi) on the programmable euro, a blockchain-based euro that enables programmable payments. This study sets out how DLT-based payment systems and a programmable euro can promote innovative business models for the real economy and the financial sector. To this end, such business models and their fields of application are discussed using practical examples. Furthermore, the document recommends actions to strengthen Germany as a financial centre. Study for the Finanzplatz München Initiative (fpmi), Authors: Prof. Dr. Philipp Sandner, Jonas Groß, Jong-Chan Chung

The study contains 74 pages and can be downloaded here (direct link to PDF).

Key results of our study

  1. Business processes in Germany’s real economy and in the financial sector are becoming increasingly complex, with automation and digitalisation taking centre stage. Current payment infrastructures such as the SEPA or TARGET2 systems cannot fully address the needs of new business models because complex data synchronisation processes lead to system discontinuities, and counterparty risks arising from the asynchrony between delivery and payment cannot yet be entirely avoided. Accordingly, there is a growing demand for payment solutions that eliminate the inefficiencies of current infrastructures and lay a foundation for promising business models.


The study contains 74 pages and can be downloaded here (direct link to PDF).

About the authors:

Prof. Dr. Philipp Sandner is head of the Frankfurt School Blockchain Center (FSBC) at the Frankfurt School of Finance & Management. In 2018, he was ranked as one of the “Top 30” economists by the Frankfurter Allgemeine Zeitung (FAZ), a major newspaper in Germany. Further, he belongs to the “Top 40 under 40” — a ranking by the German business magazine Capital. The expertise of Prof. Sandner, in particular, includes blockchain technology, crypto assets, distributed ledger technology (DLT), Euro-on-Ledger, initial coin offerings (ICOs), security tokens (STOs), digital transformation and entrepreneurship. You can contact him via mail (, via LinkedIn (, or follow him on Twitter (@philippsandner).

Jonas Groß is a project manager at the Frankfurt School Blockchain Center (FSBC) and a PhD candidate at the University of Bayreuth, Germany. His main research focus are central bank digital currencies, stablecoins, and cryptocurrencies. Mr. Gross is Chairman of the Digital Euro Association (DEA), co-host of the podcast “Bitcoin, Fiat, & Rock’n’ Roll”, and member of the expert panel of the European Blockchain Observatory and Forum.

Jong-Chan Chung is a research assistant at the Frankfurt School Blockchain Center (FSBC) and a venture developer at the Blockchain Founders Group (BFG). His fields of interest are applications of blockchain and DLT systems as well as decentralized finance. He holds a dual Master’s degree in public policy from the Hertie School and the University of Tokyo. You can contact him via email ( or via LinkedIn.

About the Frankfurt School Blockchain Center:

The Frankfurt School Blockchain Center (FSBC) is a think tank and research center primarily focusing on the implications of blockchain technology for companies and businesses. In addition to the development of blockchain prototypes, the center offers a platform for the exchange of knowledge and thought for decision-makers and startups as well as technology and industry experts. The FSBC sets new research impulses and develops education programs for students and executives. The center concentrates primarily on the areas of banking, energy, mobility, and the manufacturing industry.