Et bien sûr, sur les monnaies numériques de banque centrale (CBDC), sur lesquelles on voit apparaître beaucoup d’abandon de projets de CBDC retail, au profit de CBDC wholesale et de projets plus classiques de paiement électroniques, y compris lancés par des Banques centrales.
Enfin, deux autres sujets ont mobilisés les acteurs institutionnels :
- Les paiements transfrontières au plan mondial, à la fois comme catalyseurs pour l’intégration mondiale et la croissance, et comme moyens d’organiser les échanges, en traçant des routes prioritaires entre certains noeuds mondiaux.
- Et l’impact de l’Intelligence artificielle sur la cybersécurité.
En France, plusieurs sujets ont fait l’objet de communications, dont :
- La réunion du Comité National des Moyens de Paiement (CNMP) sur la résilience des paiements en France.
- Les Entretiens de CB qui ont porté sur les tensions géopolitiques, l’instabilité économique et sociale ainsi que sur les évolutions technologiques, climatiques et réglementaires en 2025, et leurs impacts sur le secteur des paiements, comme celui de tant d’autres secteurs en France,
- Le séminaire de l’AEFR (Association Europe Finances Régulations) sur les apports respectifs des monnaies publiques et privées sur la souveraineté européenne.
Revue de presse
France
Comité National des Moyens de Paiement (CNMP)
Le Comité national des moyens de paiement salue l’engagement du marché à renforcer la résilience des paiements | Banque de France (communiqué du 27 novembre)
Post LinkedIn d’Erick Lacourrège (27 novembre) « Le Comité national des moyens de paiement, que j’ai l’honneur de présider, s’est réuni en formation plénière le 21 novembre».
Association Europe Finances Régulations (AEFR)
Conférence sur le thème “Monnaie publique, monnaie privée : quel avenir pour la souveraineté européenne ? » (25 septembre) (replay vidéo, durée 2h 52’)
Compte rendu synthétique AEFR (document PDF)
Groupement des Cartes Bancaires CB
Entretiens CB du 20 novembre Les Entretiens de CB : le replay | Cartes Bancaires
Europe
BCE
Eurosystem moves forward on work to connect TIPS with India’s Unified Payments Infrastructure and with Nexus Global Payments (communiqué BCE, 20 novembre)
The decision follows the positive findings of the exploratory work initiated in October 2024 (…) India’s UPI is an instant payments system developed by the National Payments Corporation of India and regulated by the Reserve Bank of India. Nexus Global Payments is a multilateral payments scheme managed by Nexus Global Payments Ltd. It will initially connect the fast payment systems of Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore, the Bank of Thailand and the Reserve Bank of India.
European Central Bank embarks on work to interlink Target with UPI and Nexus Global Payments (Finextra, 20 novembre)
TARGET Services incident of 27th February 2025 – Post-mortem Report (novembre)
République Tchèque
The CNB creates a test portfolio of digital assets – Czech National Bank (communiqué CNB du 13 novembre)
The Czech National Bank (CNB) has purchased digital assets for the first time in its history. The purchase was made outside its existing international reserves. Through this USD 1 million investment, the CNB has created a test portfolio of digital assets based on blockchain. In addition to bitcoin, the portfolio will include a test investment in the form of a USD stablecoin and a tokenised deposit on the blockchain. The total amount invested will not be actively increased. The purpose of the portfolio is to gain practical experience with holding digital assets and to implement and test the necessary related processes.
International
Réglementation des cryptos/stablecoins/tokenisation
Financial Stability Board (FSB)
Lettre d’Andrew Bailey, président du FSB aux G20 Leaders en vue de la réunion du G20 des 22 et 23 novembre à Johannesburg (3 pages : extrait concernant les stablecoins)
Divergences in regulatory and prudential frameworks across jurisdictions could add an additional layer of complexity and potential risk; it will be equally important to consider how stablecoins can operate effectively and safely across borders. The FSB’s work programme for the year ahead will include a focus on stablecoins and other forms of payment.
declaration-g20-south-africa-summit-22-23-november.pdf (30 pages : voir pages 16 et 17 la section “Protecting Financial Stability, promoting innovation whilst managing systemic risks”
Comité de Bâle
Basel Committee continues to prioritise Basel III implementation, approves final principles on third-party risks and agrees to expedite targeted review of cryptoasset standard (communiqué BRI du 19 novembre)
(…) The Committee also took note of the implementation of its prudential standard for banks’ cryptoasset exposures. Given recent cryptoasset market developments, the Committee agreed to expedite a review of targeted elements of the standard.
BRI
The rise of tokenised money market funds (26 novembre) (article du Bulletin BRI, 8 pages)
Tokenised money market funds (TMMFs) are a fast-growing collateral asset and savings instrument in the crypto ecosystem. Like stablecoins, TMMFs circulate on public permissionless blockchains but offer returns at money market rates and regulatory protections as securities.
TMMFs currently cater strongly to decentralised finance protocols and rely on “allow-listing” of blockchain wallets to constrain peer-to-peer trading of their tokens to ensure regulatory compliance. However, such allow lists only constrain direct holding of TMMFs.
TMMFs give rise to risks that mirror, and potentially amplify, those found in conventional money market funds, such as liquidity mismatches, as well as the operational and anti-money laundering / countering the financing of terrorism-related risks associated with stablecoins.
How deposits can harness tokenisation (28 novembre) (speech d’Andréa Maechler, Head of the BIS Innovation Hub) (11 pages)
As we look to the next decade of finance, tokenisation represents a transformative innovation. We need to embrace the opportunities of tokenisation, while confronting the risks proactively, with robust technology and policy safeguards. As technology transforms the very fabric of our monetary and financial systems, we must uphold the importance of trust in money and reaffirm our commitment to inclusion, resilience and integrity of the financial system. Tokenisation is not about discarding what works. With tokenisation we can carry forward strengths of today’s system into a tokenised programmable world for the benefit of society and the wider economy.
Fonds Monétaire International (FMI)
FTN011 — Central Bank Exploration of Tokenized Reserves (40 pages)
The growing interest in tokenization and DLT within financial markets has led many central banks to reconsider the role of central bank money in these emerging ecosystems. This Fintech Note discusses important questions that arise for policymakers:
- If financial markets start to widely adopt tokenization, should central banks issue tokenized reserves by making reserves available on a DLT for payments and settlements of tokenized assets?
- If so, which implementation approach best suits meeting their policy objectives, and what key factors would they need to consider?
- How do alternative solutions for supporting the payment and settlement of tokenized assets, such as an RTGS link and privately issued tokenized money, compare with tokenizing reserves?
- Which strategic approach should the central bank adopt, considering the central bank’s policy direction, market demand for tokenization, and its capacity and resources to explore tokenized reserves or alternative solutions
Post LinkedIn d’Hubert de Vauplane (4 décembre) «Stablecoins : voici la dernière publication du FMI. Et là encore le ton est en train de changer. Selon le FMI, les stablecoins offrent plusieurs avantages potentiels »
Understanding Stablecoins; IMF Departmental Paper No. 25/09; December 2025 (56 pages (publication du FMI évoquée dans le post LinkedIn d’Hubert de Vauplane)
États-Unis
Speech by Governor Miran on stablecoins and monetary policy – Federal Reserve Board (7 novembre)
(…)The Federal Reserve is taking steps to recognize the importance of stablecoins for the payment system; greater transparency and rising adoption should help us consider their effect on monetary policy as well (…) Essentially all stablecoins are denominated in dollars, and their success is at least partly due to the U.S. dollar’s enduring status as the world’s preferred currency. Stablecoins are also contributing to the dollar’s dominance by allowing an ever-growing share of people around the globe to hold assets and conduct transactions in the most trusted currency (…) America’s capital markets are the world’s deepest, helping to support economic growth, fund new ideas, and allocate capital efficiently. However, our financial infrastructure, not unlike our physical infrastructure, could use a reboot. Stablecoins may well lead the way on this front, facilitating dollar holdings and payments domestically and abroad .
Hong Kong
Royaume-Uni
Proposed regulatory regime for sterling-denominated systemic stablecoins | Bank of England (10 novembre) (76 pages)
The role of holding limits for sterling-denominated systemic stablecoins and a potential digital pound | Bank of England (10 novembre) (31 pages)
Bank of England opens consultation on stablecoin regulations (Finextra, 10 novembre)
Bank of England’s Breeden says diluting stablecoin rules further could damage financial system | Reuters (11 novembre)
Bank of England Deputy Governor Sarah Breeden warned that further diluting rules for stablecoins risked endangering financial stability and causing a credit crunch, and said that the UK needed a different approach to the United States.
FCA adds stablecoin cohort to regulatory sandbox (Finextra, 26 novembre)
La Banque d’Angleterre s’adoucit sur les stablecoins (Revue Banque, décembre)
Monnaies numériques de banque centrale (MNBC)
Fonds Monétaire International (FMI)
Le FMI a publié en novembre trois études sur les MNBC (de détail et de gros)
This paper informs about emerging issues related to CBDC : financial stability, payments competition, legal considerations, financial integrity, payment resilience in FCS, and tokenized central bank reserves.
The purpose of this Note is twofold: to guide policymakers and competent authorities on implementation of international AML/CFT standards in an rCBDC setting and to highlight specific aspects of the AML/CFT standards that may require further thought.
The Impact of Central Bank Digital Currency on Payments Competition (IMF Fintech note, November 2025) (44 pages)
This Note explores how CBDC could interact with existing private payment infrastructures, including card networks, and e-money platforms as well as public infrastructures such as public FPS. This framework addresses two core questions: (1) What is the expected competitive impact of CBDC on payment markets, depending on the existing payment landscape and regulatory context? (2) How can CBDC be designed to enhance competitive effects and mitigate related risks?
Afrique du Sud
Communiqué de la South African Reserve Bank (SARB) du 27 novembre
Drawing on years of research, technical experimentation, and stakeholder engagement, the SARB finds that while a retail CBDC is technically feasible and could support innovation and ensure continued public access to central bank money, there is no compelling immediate need for its implementation. The current priority remains the modernisation of South Africa’s payment ecosystem and expanding participation in the national payment system. Looking ahead, the SARB will continue to monitor developments and pivot its focus toward exploring wholesale CBDC applications, ensuring readiness should future needs arise
SARB retail CBDC Position Paper (19 pages)
SARB retail CBDC Background Note (57 pages)
Brésil
Central Bank shuts Drex platform, clearing path for stablecoins | Markets | valorinternational (5 novembre)
Brazil’s Central Bank has decided to shut down the blockchain-inspired platform used in the first two phases of Drex, its CBDC project. The move signals a major shift in direction, prompted by high maintenance costs and unresolved privacy issues in transaction processing (…) Experts say the weakening of Drex opens the door to privately issued tokenized assets and stablecoins, which may replace a state-backed CBDC.
Nigeria
Dans une table ronde d’une conférence organisée par Currency Research fin novembre, un représentant de la banque centrale du Nigéria (CBN) a indiqué que celle-ci est en train de basculer de la MNBC de détail à la MNBC de gros. Rappelons que le Nigeria est l’un des trois pays à avoir lancé une MNBC de détail (e-Naira), en octobre 2021. John Kiff, modérateur de la table ronde en question, résume comme suit les explications du représentant de la CBN :
He explained how the e-Naira story is not a “rosy” one, and ran through some of the reasons. For starters, commercial banks were not willing to support the new payment instrument that they viewed as competition, and that support was essential for e-Naira success because the banks “owned” the merchants. It didn’t help that the banks couldn’t charge fees on e-Naira transfers, and the central bank wasn’t sharing in any of the platform costs. Also, Nigerians are very much into crypto-asset markets and the e-Naira didn’t offer the payments privacy expected of a payment medium. In addition, the central bank has been running a popular instant payment system since 2014, which made the e-Naira rather redundant.
Paiements transfrontières
Cross-border payments – a catalyst for global integration and growth (speech de Franck Smets, BRI) (28 octobre)
Innovation has the potential to enhance cross-border payments and expedite progress towards the targets agreed by the G20. Technology offers many paths forward, but not all are equally promising. For instance, even with regulation, stablecoins have inherent limitations. Central banks can guide innovation. This will help ensure that the core tenet of trust is maintained. The BIS is working with central banks to develop innovative solutions based on time-tested pillars
The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand announced a collaboration to explore the technical and policy implications of settling foreign exchange (FX) transactions using synchronised settlement mechanism. Building on insights from Project Meridian, this collaboration will test synchronised FX settlement across a diverse technical and institutional landscape.
Central banks of England, Thailand and Singapore to explore synchronised FX settlement (Finextra, 13 novembre)
Intelligence artificielle
Déclaration relative à l’intelligence artificielle et à la cybersécurité | Banque de France (17 novembre)
G7-Cyber-Expert-Group-Statement-AI-and-Cybersecurity-2025.pdf
