Revue de presse
France
Rapport de Robert Ophèle
« Quelle stratégie pour la place financière de Paris en matière de finance numérique ? » (27 pages)
L’année 2026 s’annonce décisive. De nombreuses initiatives, portées par des acteurs majeurs, ont franchi le stade des expérimentations pour entrer dans une phase pleinement opérationnelle. Si elles aboutissent, elles pourraient transformer en profondeur les marchés financiers et le rôle des intermédiaires traditionnels. Dans ce contexte, les États-Unis et le Royaume-Uni ont pris une longueur d’avance, portés par des incitations politiques et réglementaires fortes. L’Union européenne, et la France avec elle, doit impérativement répondre à ce défi.
« La donne a changé » : la place de Paris sommée d’accélérer sur la tokenisation | Les Echos (30 mars)
Paris Europlace presse banques, gérants, assureurs et infrastructures de marché de se préparer plus vite à la montée de la tokenisation. Le coordinateur du rapport qui sera publié ce mardi, Robert Ophèle, plaide pour une approche pragmatique, fondée sur des cas d’usage concrets, sans attendre que tous les débats sur l’instrument de règlement soient tranchés.
Conférence OSMP-CNMP du 9 avril
Post LinkedIn de Denis Beau « J’ai eu le plaisir d’ouvrir, jeudi 9 avril, la 3e édition de la conférence annuelle de l’Observatoire de la sécurité des moyens de paiement (OSMP) et du Comité national des moyens de paiement (CNMP), sur l’Europe des paiements face à ses défis »
L’Europe des paiements face à ses défis (texte discours introductif de Denis Beau)
Étude de l’OSMP sur la sécurité des paiements par cryptoactifs (20 pages)
Europe
BCE
Post LinkedIn d’Imène Rahmouni-Rousseau (3 avril) «This week, certain DLT-based assets became eligible as ECB collateral, a key enabler for the tokenised finance ecosystem. Have a look at this slide explainer (…) The ECB also launched an ambitious work plan to explore if, how and under what criteria « native » DLT-based assets that are issued and settled exclusively on DLT platforms could become eligible and be mobilised as collateral in the future»
Slides explainer mentionnés par Imène Rahmouni-Rousseau (7 slides)
La BCE ouvre ses guichets de financement aux actifs tokenisés | Les Echos (31 mars)
Depuis ce lundi, les obligations émises sur la blockchain peuvent être utilisées par les établissements bancaires qui cherchent à se financer auprès de la Banque centrale européenne. Ces jetons sont mobilisables à titre de garantie, comme les obligations traditionnelles.
Norvège
Exploration of central bank digital currency (communiqué Norges Bank du 24 mars)
Today, Norges Bank has published four reports from the work to explore central bank digital currency (CBDC). The conclusion is that introducing a central bank digital currency is currently not warranted, but that it may be so in the future.
Suède
Swedish central bank threatens banks with action over instant payments (Finextra, 17 mars)
International
Réglementation des cryptos/stablecoins/tokenisation
BRI
Stablecoins: framing the debate (20 avril) (speech du directeur général de la BRI, Pablo Hernandez de Cos, à Tokyo)
In my remarks today, I would like to frame the broader debate on stablecoins. I will first discuss the characteristics and current use cases of stablecoins. Then I will reflect on the “moneyness” of today’s stablecoins, meaning the degree to which they function as a means of payment. Finally, considering scenarios that assume broader future adoption, I will point to some of their potential macro-financial implications. In my view, these implications are central when considering how current stablecoin arrangements would need to be improved to serve society.
FMI
IMF Notes Volume 2026 Issue 001: Tokenized Finance (2026) (2 avril)
Tokenization represents a profound reconfiguration of the financial system’s core infrastructure. By enabling programmable, real-time settlement on shared ledgers, it promises efficiency gains that extend across payments, securities, and derivatives markets. At the same time, it introduces new forms of risks associated with speed, automation, and concentration. The central message of this Note is that technology alone will not determine the outcome. The future of tokenized finance will be shaped by policy choices regarding settlement assets, governance, legal frameworks, and international cooperation. Anchoring innovation in public trust is essential. Without such anchors, tokenization risks amplifying instability, rather than mitigating it.
Australie
After Acacia: The Next Era of Financial System Innovation? | Speeches | RBA (25 mars)
The RBA will be partnering with other CFR agencies, the DFCRC and industry, in pursuit of an ambitious program of initiatives to support responsible innovation in Australia. A focal point for this effort will be the RBA’s exploration with the DFCRC into a new digital financial market infrastructure (DFMI) sandbox. This could allow industry and policymakers to build on the learnings from Acacia and smooth the path to practical implementation by providing a safe space for the testing and scaling of tokenised money, assets and new infrastructure in a longer term, stage-gated environment.
États-Unis
SEC.gov | SEC Clarifies the Application of Federal Securities Laws to Crypto Assets (communiqué de la SEC, 17 mars)
The Securities and Exchange Commission (SEC) today issued an interpretation clarifying how the federal securities laws apply to certain crypto assets and transactions involving crypto assets. This is a major step in the Commission’s efforts to provide greater clarity regarding the Commission’s treatment of crypto assets,
Key senators say they have clinched a tentative agreement with the White House on language they hope to include in cryptocurrency legislation that is aimed at resolving a clash between banks and digital asset firms over stablecoin yield, marking a potential major breakthrough for the bill.
Royaume-Uni
Bank of England open to revising stablecoin rules, Breeden says | Reuters (11 mars)
Bank of England Deputy Governor Sarah Breeden said proposed rules to regulate stablecoins pegged to the pound and said the BoE was « genuinely open » to amending its proposals.
Monnaies numériques de banque centrale (MNBC)
Deux papiers d’Ulrich Bindseil
Public Discourse on Retail Payments and the Case of CBDC by Ulrich Bindseil (15 mars) (40pages)
The current debates on CBDCs illustrate how competing narratives can influence policy discussions in retail payments. While the case for maintaining a role for public money in digital payments is conceptually strong, the net benefits of CBDC depend critically on design choices and on the surrounding regulatory framework. If the industry is successful in influencing legislators to heavily constrain CBDC and make its design incoherent and almost obsolete, then alternative approaches, such as improved regulation of private payment systems or publicly controlled instant-payment based solutions, may achieve at least a limited share of CBDC’s policy objectives.
Innovations and the Layering of Money and Payments by Ulrich Bindseil (27 mars)(26 pages)
The paper develops a framework to classify ledger hierarchies and types of payment ledgers and uses it to assess innovations including central bank digital currencies, instant payment systems, public blockchains, tokenized multi-asset platforms, expanded access of non-bank payment service providers to central bank accounts, and stablecoins.
Royaume-Uni
Minutes: CBDC Academic Advisory Group – January 2026 | Bank of England (2 avril)
The Chair explained that this was expected to be the final meeting of the Group in its current form, with the Bank planning to launch a Payments Academic Advisory Group to cover a broader range of issues across money and payments. Members of the existing CBDC AAG would be welcome to apply.
Systèmes de paiement
Canada
Canada’s instant payments era is starting (RedCompass Labs)
États-Unis
Federal Reserve Board invites public comment on proposal that would allow U.S. banks and credit unions to use intermediaries to transfer funds through the FedNow Service (communiqué de la FED du 8 avril)
Fed consults on FedNow cross-border payments (Finextra, 13 avril)
