Vitas Vasiliauskas, an officer of the European Central Bank (ECB) emphasized the perk of CBDC (Central Bank Digital Currency) in his speech. The speech was published by the Bank of International Settlements. He is the Chairman of the Board of the Bank of Lithuania and a Governing Council member of ECB.

The bank official discussed whether CBDCs should be wholesale, retail or both. He emphasized on the currency assisting as a mode of exchange, payment medium and a store of worth. It is not a regular reserve account or a personal crypto asset. In the former, the general public would be accessible to Central Bank Digital Currency. Albeit, the currency accessibility to the wholesale would be permitted for the financial organizations.

Vasiliauskas says that the CBDC comprises profits including efficient payments, security settlements, and depletion of a third party and liquidity dangers. He also stressed on the account based retail CBDCs. It should be available to every member of the society in a central bank account. The interest-bearing retail CBDC could upgrade the mediation of monetary policy. It may reinforce the befall of the lending rates and policy rates to deposit.

Although, he notified that people have endangered groups that are underbanked. Though it appears to be a distant prospect every single person has an account with a private institution for payments. It may lead to a higher level of financial exclusion. Thus, the retail CBDCs would assure the people to have access to central banks. It could help to stabilize the financial condition. Meanwhile, the anti-money laundering (AML) would help to replace a risk on the central bank, to anonymous forms of currency.