Balancing financial sovereignty with innovation - and how to navigate the future of public and private digital money with Ulrich Bindseil (ex-ECB)

🎙 BFRR – Bitcoin, Fiat & Rock’n’Roll is back with a timely deep dive into the evolving landscape of digital money. In this episode, co-host Jonas is joined by Ulrich Bindseil, Director General of Market Infrastructure and Payments at the European Central Bank (ECB), for a wide-ranging and insightful conversation on CBDCs, stablecoins, and the future of payments in Europe.

Ulrich, who has been shaping ECB policy for over two decades, shares his unique perspective on the digital euro project, offering behind-the-scenes insights on its progress, challenges, and ambitions. From strategic decisions to technical architecture and privacy considerations, this episode covers the most important developments in the preparation phase—and what lies ahead beyond 2025.

We also take a critical look at stablecoins, including their potential benefits, regulatory considerations under MiCA, and the ECB’s cautious but evolving stance on their role within the European financial ecosystem. Can euro-denominated stablecoins support the international role of the euro? Should the ECB allow them access to its balance sheet? And what role could public blockchains play in the future of wholesale finance?

The episode closes on a personal note as Ulrich reflects on his 28-year journey at the ECB and hints at what's next. If you're curious about how digital public money, blockchain, and monetary sovereignty intersect, this episode is a must-listen.

🧠 Topics: ECB’s digital euro strategy & timeline Stablecoins & e-money tokens under MiCA Permissionless DLTs vs. permissioned infrastructure Interoperability, privacy & market share goals The ECB’s pre-funding policy & wholesale payments innovation International competition, strategic autonomy & future challenges 📡 Stay informed. Stay curious. Subscribe now and join us at the frontier of digital finance.

Note that the episode was recorded on June 25, 2025. On this date, Ulrich was still in his role at the European Central Bank, which he left on June 30.

Paper on digital money taxonomy

Paper on digital money infrastructure

SSRN Account Ulrich Bindseil

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