From PayPal to Libra: Big Tech Has Forced Central Banks to Wake Up to CBDCs, ...
Libra was the final wake-up call for central banks that prompted serious consideration of digital currency issuances, according to the head of the BIS Innovation Hub.
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Timothy Lane says the central bank is developing a CBDC at "a good pace.” According to an Oct. 15 report from The Canadian Press, the Bank of Canada, or BoC, deputy governor Timothy Lane said central banks should have their own digital currency ready should regulators block Facebook’s Libra token. They also noted such an asset's potential importance as a possible solution for the economic realities of COVID-19.Lane spoke at an online panel discussion hosted by the Central Bank Payments Conference, stating that the Bank of Canada has been developing a central bank digital currency, or CBDC,....
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 (CBDCs) to compete with initiatives in the private sector, including cryptocurrencies. “CBDCs will take years to be rolled out, while … crypto assets are already here,” he said.
BIS Says Central Banks Need to Hurry up With CBDCs
Benoît Cœuré, head of the BIS Innovation Hub, talked about central bank digital currencies (CBDCs) at the Eurofi Financial Forum, Ljubljana,....
Central banks have been responding to the rise of Bitcoin with the introduction of central bank digital currencies, or CBDCs. Thus far, movement on this front has been somewhat slow. Save for China, most central banks are still in the ideation phase, or are looking more into how a CBDC would affect their economy and […]
Central bank digital currencies, often known as CBDCs, are seemingly imminent: over recent months, central banks around the world have revealed that they are working on their own digital currency projects. This trend is seemingly a response to the persistence of Bitcoin and other cryptocurrencies. This persistence may show central banks that they have something […]
CBDCs continue to draw attention from central bankers, but panelists at an IMF event – including the Fed Reserve – do not expect to see their nations launch one soon.