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Central banks urged to adopt digital currencies for stability, efficiency

European Central Bank (ECB) Governing Council member Francois Villeroy de Galhau advocates for central banks to adopt digital currencies for both wholesale and retail purposes to modernise and stabilise the financial system. Speaking at a Bank for International Settlements conference, Villeroy emphasised the necessity of adapting central bank money to the 21st century, ensuring it remains a stability anchor rather than the primary payment method. The ECB has progressed to the next phase of its digital-euro project, exploring various designs since its initiation in 2021, with aims to potentially issue the digital currency in the future. Meanwhile, interest in wholesale Central Bank Digital Currencies (CBDCs) is growing, with significant advancements in technology facilitating more efficient interbank transactions, possibly through blockchain.


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