Faced with the surge in cryptocurrencies, central banks are busy working on the “central bank digital currency” project. The analysis Vivien Levy-Garboua, associate professor at Sciences Po lifts a corner of the veil on the subject.

Academic work requested, working groups are formed, experiments promoted, and the first achievements are announced for the implementation of the "central bank digital currency".
For Vivien Levy-Garboua, this is a step towards a risk-free currency policy to which some aspire to fight systemic crises.

"A greater proportion of deposits will be 'risk-free', and the depositor-taxpayer will be better protected in the event of a systemic crisis, such as that of 2008-2009...this argument does not seem admissible: (a) in the event of turbulence or worry about a bank, I transfer all my deposits to the central bank with one click, and I destabilize the banking system by domino effect; (b) yes, you will say, but the amounts that can be held in this way are limited! But (c) if they are, narrow banking is only very partial,” he explains, asserting that these are a lot of risks taken for nothing.