Today at the Hyperledger Global Forum, the Banque de France‘s Nicolas de Labarre said that while priorities have been defined for the digital euro, the potential use cases for the central bank digital currency (CBDC) are still quite open.
“We didn’t decide yet which will be the first use cases. There will be surprises,” he said. He was responding to Mai Santamaria, a policy adviser at Ireland’s Department of Finance.
Her view is that currently, there is too much focus on digitalizing the current processes and insufficient consideration of blue sky approaches. For example, she suggested it’s possible to use programmability to deduct tax at source and reduce the hassle of tax paperwork. Another suggestion was reducing remittance costs, which is very much on the radar of many central banks.
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