How would central bank cryptocurrencies change the economic and financial equilibrium?

We will illustrate our point with the case of the euro zone. Let us assume that the ECB creates a central bank cryptocurrency (a cryptoeuro ); part of bank deposits would therefore be replaced by this cryptocurrency. The ECB would not finance the economy directly; it would therefore have to use this new financing to provide funding to the banks. There are then two scenarios: Either the ECB agrees to put risk on the asset side of its balance sheet; it then buys part of the bank loans from the banks, and the economic equilibrium is not changed, part of the credit risk is simply transferred to the ECB; and therefore ultimately to the euro-zone countries; Or the ECB refuses to put risk on the asset side of its balance sheet; it therefore requires the banks to make the funding it provides to them absolutely risk-free, which reduces banks’ capacity to take risk on loans, and therefore makes it more difficult to finance risky projects (which is normal if the central bank’s cryptocurrency diverts part of the savings to an economic agent - the central bank - which refuses to take risk) .