European central has just launched a month-long consultation around the creation of a digital euro for the general public, which has been in the making for many months. The institution intends to respond to a double threat: the rise of payment currencies and the health crisis.

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MANAGEMENT specialized thematic management European companies and citizens will soon be able to carry out day-to-day transactions thanks to a demaemized currency directly from the European central bank This is what the Frankfurt Institute suggests. This has just launched a six-month consultation with the public and institutions, the conclusions of which are the most community-based.

The time to get out that the in Europe, since treprises launched, creation risk world of payment, cash induced by the large number in fiat currency chosen by the ECB of wood, then even health crisis worsens is not not fortuitous: that a consortium of banks brought by Facebook at the beginning of 2019, in the form of a digital private currency usable worldwide as a means of libra, most of the central banks Central Banks Fed Bank in Japan, at retail", underlines development risks the Eurosystem, digitalization and favored centrals. "According to the international regulations (BIS), 80% of banks in the world, from the People's Bank of China to the Bank of the are interested today in so-called digital currencies " of that is to say the general public, Simon Polrot, president of the French Association for the digital assets (Adan).It was time that through his For the tive responds tifs. today, This would not have cer to coexist "In the long term, my nai ECB, such an initiative has several objecThe institution intends first of all to place a more efficient pan-European payment infrastruc- 'a digital bank of payments invaluable Christian Pfister, and currency expert The device could pave the way for the supplement of fees levied on cross-border. Communal currency “The digital euro will be an alternative to cash in remote regions of Europe, well equipped with retail, believes Pierre, director general of Galitt. At the same time, it should be designed to meet the ever-increasing number of consumers and less and less cash transactions. could rest to shut up and barriers the month phenomenon”, Lahbabi.

Securing exchanges generally important than a type of libra, bitcoin coins, these traditional volatile, more mature, Between 2018 of in tocurrencies, by several tens of percentage in the last five years, fiducirculation currency volume represents less than 1% of against more than 5% another ten years –, but which quickly win the Europe. “The crisis without the introduction of gestures is very likely to boost in the next judge, moreover, Pierre the place of the euro in is all the more for the ECB, and the more the Eurosystem threatens to grow again. Indeed, private digital currencies such as cryptocurrencies such as and ether, and stablecryptocurrencies with little currency backing are increasingly used by consumers and businesses. “In addition to e-commerce like payments or PayPal, Revolut payment their rapid sactions truments in Europe”, A risk states. Simon products for in addition to traditional platforms, to eBay, to specialists like MasterCard and fintechs such and N26, offer cryptocurrency to which should boost the volume of transactions carried out thanks to these alternatives, including estimates Simon Polrot. expansion which is not without for the sovereignty of economic effects by variations in veraine circulation, If, Forgotten currencies would see inflation So many questions With the ECB as credible stablecoins that Simon Polrot. In the future, the euro came to be for the benefit of alternative instruments, the States their ability to act on and growth pardiminished.

many on the digital euro project, one of the goals is therefore nothing less than to offer an alternative to cryptocurrencies and for French digital payments (Adan) characteristics of this alter "According to all truth, the digital euro would emanate from the institution and distinct, in this, from the distributed electronics commercial banks, Christian Pfister. In order to avoid any risk of financial destabilization, there will have to be parity, the same shape, the same liquidity, other components of the Community currency, banknotes and coins as well as assets held by banks at the same time, many remain. If the future MDBC of the ECB should emanate from the institution, nothing indicates that it would be districelle. “The institution could use intermediaries, commercial banks to disseminate its Christian Pfister instrument. is not either current networks.”

Notables Above all, digital Christian framed), it is not will serve as an architect of the digital euro. “The block requires more power than currently deployed holding IT systems and institutions and therefore more technology investments underlines an expert. developed, the Eurosysnels. “These by the of terrorism grité of Simon become currency wallets born to As many as required which lies the years the operational euro… In this, does not differ from that central According to Pfister regulations, consultant and risks concern, example, cybersecurity, money laundering, the terrorism financing or even the intel currency, specifies Polrot. The stake could be capital if, in the long term, the digital of digital were to bitterly replace the cash. of other banks in the world. the study of the Bank of international, carried out concrete digital. China has future scale. Digital Payment the Bank has been the mental poles of the Hong Michel of 150 digital currencies used pilots, the Chinese e-yuan companies.expert in digital currencies experiments with currencies April 2020, the People's Currency Electronic (DCEP) or e-yuan of China deployed on an experimental basis in several metropolitan countries, including Shenzhen, Kong and Macau", reports Khazzaka. The equivalent million euros of this have already been in transactions and 120,000 wallets intended to collect have been created by and consumers In the opinion of the authorities Even before, therefore, BCE closed its innovation France, however, has size in its game. BCE has decided to orient research towards transaccurrentes, other sovereign monetary institutions are now developing more specialized applications for the central digital currency. The most advanced area is unquestionably the Banque de France, work on the development of a “wholesale” monetary instrument, which can be used in interbank exchanges (see Last spring, distinguished itself in listed World companies as circumscribe their tale greater Singapore are ment Simon on the tral naies, an approach that could be lamented, to cations of a kind but due issued by a subsidiary of Générale. A first! "China, Japan, Bahamas, Uruguay, the entire Libra consortium, officially works at the digital currency, while or Hong Kong is positioned on an instrument reserved for institutions only, sums up Polrot. By focusing on two forms of global central banking, the Eurosystem adopts a hybrid and diversified allowing it to exterme, all the applies these instruments of 'a new' audacious approach therefore, also not very widespread since, to date, only recently, only recently to review its as in the ment results, lars, monn as the two bodies have decided to set up a task force to study the technical and operational aspects of digital banks in the and to accredit consequent, rope.que sanitary (Adan). According to Facebook, the could be offered in some of the beginning of next year.

coming weeks to accredit a little more, by the approach of the Euinstruments in quespays only Subject, the aggravation of the does not constrain DIGITAL MONEY State monetary institutions seek to create their MDBC, or digital currencies central body, officially and with one voice on the subject.

retail trade within the euro zone could favor several advances such as, for example, the multitude of projects in a recent study by the Central Bank for Settlements (MDBC) would currently be Like the actors of the Eurosystem, the Bank of Canada is working simultaneously on the creation of a wholesale (the Jasper project, 2016) and an mDBC of BRI), several under consideration around the world.

The National Bank of should finalize experiments around retail e-crown in 2021. This instrument to offer a dematerialized means even as the closure of its in April currently conditions months. exchanged dozens of currency projects The Central Bank of Uruguay has the exploratory phase e-peso, retail MDBC, 2018. This has been in real-life testing for six This currency can be through Singapore, partner consortium R3 for MDBC of now and digital The Monetary Authority of finally, is with the blockchain to develop its wholesale. It has already carried out transactions with more and more e-commerce platforms, specialists in and offering cryptomonetary to their customers.

News to avoid any risk of nancial destabilization, the digital euro will have to be endowed with parity, the same fungibility and the same liquidity as the other components their effectiveness in accelerating operations will have to be equipped with specific regulations, in particular, to last spring, barely 10% of the country's monédu institutions, the e-yuan could be distributed to the entire territory underpin payroll- reduce their risks last, Societe Generale an intra-group issue secured by means of the blockchain, d an amount of euros. For the first time in history, the Banque de France has, on the side, provided the central digital currency, or MDBC, having served as debt securities. This currency was issued in the form of euros materialized on the digital token blockchain. “Thanks to blockchain, all issues relating to the issuance, as is rather done Khazzaka, chain of General characteristics and the Bank of sovereign operators had completed almost instantaneously that in a few days like this which France realize an issue deadlines made possible by the intrinsics of the blockcirculation The General operation currently serve as the automatic triggering of certain tasks.

Chinese by the beginning of the year allow the auto triggering of certain tasks according to predetermined, as explained by Michel Khazzaka. In decentralized operation, all the stakeholders live the progress of the operations carried out, which facilitates the information.”carried out by the Company and the Banque de France must be based on research conducted by the monetary institution digital currencies of banks Usually original,” says Michel, director of the block practice at Azzana Consulting.

of payment events, in addition, its allows to follow The blockchain allows the triggering crisis not The outcry aroused for a year and a half by its global currency project, libra, has not prevented Facebook from ambitions to the rise ! Indeed, in addition to digital indexed to a basket of major currencies, the dollar or the euro, Facebook plans to deploy, at the same time, several individually indexed instruments in a single conventional currency. “If the initiative, users will be able to obtain libras-dollibras-euros or libras-sterling at parity with the in question”, indicates Simon Polrot, president of French for the development of assets The libra project is evolving