French central bank (banquedefrance) kicked off the second stage of its CBDC experimentation, said its head. Governor François Villeroy de Galhau wants a working prototype for a CBDC by 2023. iamsandali reports
explores the direct transfer of euro and Swiss franc wholesale CBDCs between French and Swiss commercial banks.Retail CBDCs, issued directly by a central bank to a country's citizens who can use them to purchase goods and services, can theoretically cut out traditional intermediaries like commercial banks, Galhau said, addressing a more contentious type of CBDC.
Retail CBDCs are the subject of heavy debate among policymakers due to the risks these currencies could pose to financial stability. For one, in times of economic stress, retail CBDCs could give way to bank runs where citizens withdraw their deposits from commercial banks in large numbers and convert their holdings to CBDCs.
The European Central Bank is currently exploring a retail CBDC. On Monday, finance ministers in the European UnionRead more about
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