Central banks must play ‘pivotal role’ in digital money, says BIS exec
An exec at the Bank for International Settlements wants central banks to helm the evolution of digital money. With central bank digital currencies — or CBDCs — on the agenda in many countries, the general manager of the Bank for International Settlements has weighed in on the role of the mainstream financial establishment in the emerging digital currency landscape.Speaking at the Hoover Institution policy seminar on Jan. 27, Agustín Carstens argued for central banks to be front and center in issuing and controlling digital money:“If digital money is to exist, the central bank must play a....
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The Managing Director of the Monetary Authority of Singapore (MAS), Ravi Menon, has commented on bitcoin and digital currencies in an interview, saying they "have a role to play" in the future. Speaking to industry publication CentralBanking.com, Menon answered questions about whether money should remain under the control of central banks, and why the MAS had decided to regulate "virtual currency intermediaries". He said: "It is hard to divine how technology and practices will evolve, 20 or 30 years from now. I would say virtual currencies have a role to play, but I doubt they will replace....
Researchers at the International Monetary Fund (IMF) have examined the central bank laws of 174 IMF members to answer the question of whether a digital currency is really money. They found that of all the central banks studied, only about 23%, or 40 central banks, “are legally allowed to issue digital currencies.” IMF Explores if Digital Currency Is Money The IMF published a blog post on Thursday exploring whether digital money is really money in the legal sense. The post is authored by Catalina Margulis, a consulting counsel in the IMF Legal Department’s Financial and....
"Who’s gonna use the euro in its current form? There are gonna be so many choices" said ConsenSys South Africa lead Monica Singer. The European Central Bank will put itself in jeopardy if it waits around a digital euro too long, according to an executive at major cryptocurrency firm ConsenSys.ConsenSys South Africa lead Monica Singer joined in at the European Blockchain Convention to discuss the role of the private sector in shaping global central bank digital currencies, or CBDC. She spoke of CBDC-powered benefits and opportunities in a Monday panel with BNP Paribas CIB digital....
The central bank of central banks says CBDCs are necessary for maintaining the status quo of the legacy financial system. The Bank for International Settlements (BIS) has reaffirmed its support for central bank digital currencies (CBDCs).In a report titled “CBDCs: an opportunity for the monetary system,” BIS researchers argued that sovereign digital currencies offered “the unique advantages of central bank money.”According to the report, CBDCs are the embodiment of digital money designed for the public good and are best suited for interfacing with instant retail payment systems.Indeed,....
In a speech on Monday, Yves Mersch, Member of the Executive Board of the European Central Bank (ECB), discussed how the bank could design, issue, and manage a central bank digital currency for everyone, to be used alongside cash. One of the two types considered was a cash-like digital currency with anonymity. The proposed central bank digital currency or....