Aniko Szombati, head of digital development at Magyar Nemzeti Bank (MNB), said this at a meeting organized by the Official Monetary and Financial Institutions Forum (OMFIF).
Regulator intends to take a balanced approach to the launch of CBDC.
There is no pressing need for a retail digital format right now, so we need to clearly define its goals and objectives before launching it.
The reason for the central bank to launch a digital currency could be either a major market disruption or political objectives, Sombati explained.
At the same time, the top manager of the Central Bank of Hungary admitted that retail CBDC could increase access to financial services for the local population, as 13% of Hungarians do not have bank accounts.
In addition, the state cryptocurrency can promote healthy competition between different payment service providers.
On the other hand, the financial regulator has concerns that the transition to state-owned steblecoins may provoke the abandonment of commercial banks, and they will cease to play the role of intermediary in the financial system.
Sombati added that the central bank will continue to monitor technological developments and research by other central banks.
The regulator is not giving up on pilot projects to test the state’s cryptocurrency and is willing to study public opinion on the issue.
Unlike Hungary, other EU member states see many advantages in the implementation of CBDC, namely the digital euro.
It is expected that its launch may take place in 2026. The European Central Bank (ECB) recently conducted a survey among potential users of the digital euro about its desired features.
Most respondents preferred that the digital euro not violate their privacy.