Eurosystem Conducts Survey on Wholesale Central Bank Digital Currency
The Eurosystem is seeking feedback from market participants and stakeholders regarding trials and experiments on new technologies for wholesale central bank money settlement. The purpose of the survey is to assess the potential benefits, challenges, and use cases of a wholesale central bank digital currency (CBDC) that would facilitate cross-border payments and financial market infrastructures. The survey focuses on four main topics: the current state of cross-border payments and financial market infrastructures, possible features and design options of a wholesale CBDC, the potential impact on the financial system and economy, and potential scenarios for testing and experimenting with a wholesale CBDC.
This survey is part of the Eurosystem’s ongoing exploration of issuing a digital euro for both retail and wholesale purposes. A report has already been published on the legal, technical, and policy aspects of a digital euro. It emphasizes that a digital euro would complement cash as a means of payment, ensuring privacy, security, efficiency, and interoperability within the European payments system. The results of the survey will play a crucial role in determining whether to introduce a digital euro.
Hot Take: Eurosystem Seeks Feedback on Wholesale CBDC
The Eurosystem is actively seeking input from market participants and stakeholders through a survey that explores the potential benefits, challenges, and use cases of a wholesale central bank digital currency (CBDC). This initiative aims to facilitate cross-border payments and enhance financial market infrastructures. By gathering feedback on topics such as current challenges in cross-border payments, design options for a wholesale CBDC, and its impact on the financial system, the Eurosystem hopes to make informed decisions regarding the introduction of a digital euro. This survey complements previous efforts by the Eurosystem to explore the feasibility and desirability of issuing both retail and wholesale CBDCs. The results of the survey, along with ongoing experiments and engagements with other central banks, will be instrumental in shaping the future of digital currency in the Eurosystem.
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