On Thursday, details about the Banque de France‘s wholesale digital euro experiments were shared. Governor François Villeroy de Galhau outlined the tests’ objectives, one of which is to see whether central bank money should be accessible to organizations that don’t currently have access. W
The same point also came up in the recent Swiss National Bank‘s (SNB) trials for wholesale CBDC. The purpose of wholesale CBDCs is often to enable settlement on DLT platforms, in the Swiss case, it was tested against the SIX digital exchange.
One of the issues raised in the Swiss National Bank’s recent wholesale CBDC trials is whether it might choose to influence DLT platforms’ governance to restrict some participants from accessing the central bank money. Years ago, CBDC trials by the Bank of Canada’s Project Jasper highlighted that brokers’ lack of access to the payment system meant reintroducing credit risks.