French central bank chief announces phase 2 of wholesale digital euro project
The French presidency of the European Union ends with the finalization of the wCBDC experiments, the design of a proprietary blockchain and a automated market maker platform.
The first phase of experimentation with a wholesale digital euro has been completed and experiments for phase 2 will begin this year, Banque de France Governor François Villeroy de Galhau said on Tuesday. Four or five new experiments should be launched.
Speaking at the Paris Europlace International Financial Forum, the French central banker summarized the European Union's achievements in crypto-asset regulation under the French Presidency, mentioning the regulation of transfer funds ( travel rule) and crypto-asset markets (MiCA), specifically.
The Eurosystem is exploring the scope and design of a Digital Euro Central Bank (CBDC) digital currency. The main rationale for a retail digital euro is to maintain the role of central bank money in the economy even as it is “threatened by the digital revolution,” Villeroy de Galhau continued. He spoke in favor of maximum intermediation in design, noting that intermediaries have more experience than central banks in customer relations and Know Your Customer/Anti-Money Laundering (KYC/AML) measures. ). He said:
"I believe that the Eurosystem should not have the role of managing digital assets in euros: the Banque de France closed its last private client accounts more than 20 years ago, and has not intention to reopen."
A wholesale CBDC, to be used for interbank transfers and similar transactions, will be no less important than retail, Villeroy de Galhau said. He quoted...
The French presidency of the European Union ends with the finalization of the wCBDC experiments, the design of a proprietary blockchain and a automated market maker platform.
The first phase of experimentation with a wholesale digital euro has been completed and experiments for phase 2 will begin this year, Banque de France Governor François Villeroy de Galhau said on Tuesday. Four or five new experiments should be launched.
Speaking at the Paris Europlace International Financial Forum, the French central banker summarized the European Union's achievements in crypto-asset regulation under the French Presidency, mentioning the regulation of transfer funds ( travel rule) and crypto-asset markets (MiCA), specifically.
The Eurosystem is exploring the scope and design of a Digital Euro Central Bank (CBDC) digital currency. The main rationale for a retail digital euro is to maintain the role of central bank money in the economy even as it is “threatened by the digital revolution,” Villeroy de Galhau continued. He spoke in favor of maximum intermediation in design, noting that intermediaries have more experience than central banks in customer relations and Know Your Customer/Anti-Money Laundering (KYC/AML) measures. ). He said:
"I believe that the Eurosystem should not have the role of managing digital assets in euros: the Banque de France closed its last private client accounts more than 20 years ago, and has not intention to reopen."
A wholesale CBDC, to be used for interbank transfers and similar transactions, will be no less important than retail, Villeroy de Galhau said. He quoted...
What's Your Reaction?
