Unfortunately that's accurate. From the SNB whitepaper linked at https://www.taler-systems.com/en/digital-currency.html you get to https://www.snb.ch/de/publications/research/working-papers/2... and then to https://www.snb.ch/public/asset/de/www-snb-ch/publications/r... :
> In addition, charging an exchange fee would allow the central bank to implement negative interest rates, if deemed necessary. The central bank could also impose a conversion limit per customer for AML/CFT (“cash” limits) or financial stability reasons (to prevent hoarding or bank runs), if desired.
Well goody.
The idea of blind signatures is cool, as is the fact that the merchant doesn't need to identify the customer, as is the fact that you could deploy neat local currencies with something like this, but AFAIK you still can't give 20€ to your friend without the exchange knowing and approving, or it becoming a race to see who spends the tokens corresponding to the 20€. And that's not very privacy-preserving.
IIRC isn't part of the idea that there are multiple central banks, you can choose which one you want to use, and currencies are exchanged automatically when needed?