Beau puts central bank money at heart of digital sovereignty
Digital central bank money must preserve trust and euro area payment sovereignty, Bank of France First Deputy Governor Denis Beau said at Hong Kong FinTech Week. He linked retail and wholesale projects to maintaining the two-tier monetary system.
From Pontes to digital cash
Speaking on November 3, 2026, Beau said the European Central Bank (ECB) could commit to a digital euro in 2027, with potential issuance in 2029.
It would extend cash features into digital payments through European public and private infrastructure.
Pontes launched in September 2026, making wholesale central bank digital currency available; enhancements run to mid-2027, with completion by end-2028.
The Bank of France and Euroclear launched Pythagore to tokenize NEU CP, continental Europe's deepest short-term funding market, using Pontes for cash settlement.
The Eurosystem's Appia project explores interoperability, infrastructure models and liquidity management to support market integration and strategic autonomy, with a blueprint anticipated in 2028.
Private innovation meets public settlement
Declining cash use and domestic payment schemes' market shares have increased reliance on non-European card providers, while dollar stablecoins introduce non-euro settlement assets.
Tokenization promises faster settlement, lower costs and programmable processes but raises interoperability, liquidity and autonomy concerns.
Beau backed Wero and digital euro synergies.
France's Strategic Group on innovation and Tokenisation seeks market coordination, including possible private clearing of tokenized bank deposits settled through Pontes.
Public money remains the anchor
Beau's central argument is continuity of the two-tier monetary system, not replacement of commercial bank money.
Public settlement money anchors trust while private providers develop payment services.
The digital euro timetable remains conditional, unlike the already operational Pontes service.