The governor of the Banque de France, François Villeroy de Galhau, announced the first phase of the pilot program to develop a CBDC is completed. The second phase, consisting of five experiments, will start later this year.
The Eurosystem is looking at the scope and design of a digital euro central bank 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 the design, noting that intermediaries have more experience than central banks with customer relations and Know Your Customer/Anti-Money Laundering measures.
“I believe that the Eurosystem should not have the role of managing digital euro holdings: the Banque de France closed its last private customer accounts over 20 years ago, and does not intend to reopen any.” A wholesale CBDC, to be used for interbank transfers and similar transactions, will be no less important than the retail, Villeroy de Galhau said. He cited the critical use cases of settlement of securities issued with digital ledger technology and cross-border and cross-currency payments. The Banque de France designed a proprietary digital ledger technology, called DL3S, for a potential future system.
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