BIS Asks Central Banks to Urgently Develop CBDCs to Compete With Crypto Assets

The head of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, has urged central banks to act now on central bank digital currencies (CBDC-d) to compete with initiatives in the private sector, including cryptocurrencies. “CBDCs will take years to be rolled out, while … crypto assets are already here," ta ütles.

BIS Says Central Banks Need to Hurry up With CBDCs

Benoît Cœuré, head of the BIS Innovation Hub, talked about central bank digital currencies (CBDC-d) at the Eurofi Financial Forum, Ljubljana, reedel. He called on central banks to urgently develop CBDCs to compete with payment initiatives in the private sector, including cryptocurrencies.

“Today, the financial system is shifting under our feet,” he explained. “Big techs are expanding their footprint in retail payments. Stablecoins are knocking on the door, seeking regulatory approval. Decentralized finance (defi) platforms are challenging traditional financial intermediation. They all come with different regulatory questions, which need fast and consistent answers.”

Asserting that “CBDC will be part of the answer,” he explained: “A well-designed CBDC will be a safe and neutral means of payment and settlement asset, serving as a common interoperable platform around which the new payment ecosystem can organize.”

The BIS official added: “It will enable an open finance architecture that is integrated while welcoming competition and innovation. And it will preserve democratic control of the currency.” He opined:

The time has passed for central banks to get going. We should roll up our sleeves and accelerate our work on the nitty-gritty of CBDC design. CBDCs will take years to be rolled out, while stablecoins and cryptoassets are already here. This makes it even more urgent to start.

Cœuré explained that the BIS Innovation Hub is helping central banks develop CBDCs. “We already have six CBDC-related proofs of concept and prototypes being developed in our centres, and more to come,” he revealed.

LOE  Aruanne: South Korean Prosecutors Issue Arrest Warrant for Terraform Labs CEO Do Kwon

Cœuré added: “A CBDC’s goal is ultimately to preserve the best elements of our current systems while still allowing a safe space for tomorrow’s innovation. To do so, central banks have to act while the current system is still in place – and to act now.”

According to the Atlantic Council’s CBDC tracker, 81 keskpangad are currently exploring their own digital currencies. Among them, five have launched, 14 are being piloted, 16 are under development, ja 32 are being researched.

Among the central banks currently studying CBDCs is the European Central Bank (ECB), which recently teatas the official launch of a two-year investigation of a digital euro. “Once the investigation phase has ended, we will decide whether or not to start developing a digital euro,” the bank said.

What do you think about the BIS asking central banks to speed up CBDC development? Andke meile teada allpool olevas kommentaaride jaotises.

Sildid selles loos

Pildi autorid: Shutterstock, Pixabay, Wiki Commons

Vastutusest loobumine: See artikkel on mõeldud ainult informatiivsel eesmärgil. See ei ole otsene pakkumine ega ostu- või müügipakkumise küsimine, või mis tahes toodete soovitust või kinnitust, teenuseid, või ettevõtted. Bitcoin-Tidings.com ei paku investeeringuid, maks, seaduslik, või raamatupidamisalane nõustamine. Ettevõte ega autor ei vastuta, otseselt või kaudselt, mis tahes kahju või kaotuse eest, mis on põhjustatud või väidetavalt põhjustatud mis tahes sisu kasutamisest või sellest sõltumisest või sellega seoses, selles artiklis mainitud kaupu või teenuseid.

Lugege lahtiütlemine