The idea was to set up a global payment infrastructure based on DLT, aiming, inter alia, at cheaper and faster cross-border payments as well as better financial inclusion. At that time, we had already undertaken quite some experiments and analyses on the use of DLT and on potential forms of CBDC.
But more was needed, if central banks were not to fall behind the curve. In January 2020, the Governing Council of the ECB established a High-Level Task Force in order to advance joint work on CBDC. As the Deutsche Bundesbank Executive Board member responsible for the area of payments, I joined this group.