Just like cash, the central bank would issue it and, depending on the actual design, private individuals as well as retailers and other companies could pay with it. It all boils down to trust. A CBDC available to all citizens would ensure the stabilising effect of central bank money in payments.
I have worked on the U.S. policy response to every major financial crisis over three decades. I served at the Department of the Treasury as part of the team responsible for supporting America’s recovery from the Global Financial Crisis and responding to the euro-area financial crisis.