Focus on cross-border payment systems, not CBDC – Bundesbank

German central bank board member says prioritise “fast and efficient” payment network over digital currency

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Central banks should look to improve cross-border payment systems before contemplating the issue of a central bank digital currency, according to a senior official from the Deutsche Bundesbank.

Speaking in China on November 22, Johannes Beermann, an executive board member of the Bundesbank, evaluated the benefits of both a wholesale and retail central bank digital currency (CBDC).

A retail variant of a CBDC could cause a “paradigm shift” in the economic relationship between households,

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