Banque de France Calls for Further Examination of Wholesale CBDCs

A wholesale CBDC would be of benefit to cross-border payments, the bank concluded.

AccessTimeIconNov 9, 2021 at 9:58 a.m. UTC
Updated May 11, 2023 at 6:33 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

France’s central bank has concluded that further examination of wholesale central bank digital currencies (CBDC) is needed following its initial experiments.

  • The Banque de France’s experiment commenced in March 2020, with results published Monday.
  • “We have demonstrated that a wholesale CBDC would be of benefit for cross-border and cross-currency payments as it would improve the efficiency of processing chains,” said Nathalie Aufauvre, head of the bank’s experimentation program.
  • However, further examination is required of important questions pertaining to the role of financial intermediaries and the transmission of monetary policy, according to the Banque de France.
  • “It is essential, therefore, that central banks retain full control over a wholesale CBDC once it has entered circulation.”
  • A wholesale CBDC is a digital currency issued specifically for use by financial institutions to exchange central bank-issued money. In this sense, it is distinguishable from a retail CBDC that would be intended for use by the public as a form of digital cash.
  • The Banque de France is also exploring a retail CBDC as part of the European Central Bank’s broader work on the potential development of a digital euro.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.