ECB officials: retail central bank digital currency ultimately or promote financial stability

The Chairman of the Bank of Lithuania’s Board of Directors and the ECB Governing Council member Vitas Vasiliauskas spoke at the reshaping of the Bretton Woods Council meeting “Managing the Soft Landing of the Global Economy”. Vasiliauskas highlighted the benefits of the central bank's digital currency (CBDC) while emphasizing caution. Vasiliauskas emphasized that CBDC should be used as a medium of exchange, means of payment and a means of value storage to reflect the quality of current central bank funds, rather than traditional reserve accounts or private crypto assets. If the retail CBDC is released, it will be open to the public, and the "wholesale" CBDC can only be opened to financial institutions. Vasivouskas, retail CBDC will ensure that people continue to receive funds from the central bank, ultimately or to promote financial stability.