Central bank digital currencies have the power to upend global finance
Central bank digital currencies will fundamentally change our conceptions of money and its uses. An astonishing 80% of central banks are engaging in work around central bank digital currencies, from research to experimentation and pilot programs. A recent Bank for International Settlements, or BIS, chart demonstrates the growing interest in CBDCs by central banks, as reflected in speeches and reports as well as people’s Google search interests over time.One country, in particular, to watch in this respect is China, which is emerging as one of the leaders in the shift to CBDCs. The People’s....
Related News
CBDCs won’t fundamentally be changing anything — central banks still want to control your wealth and your money. Mark my words: Governments and central banks will never care about your wealth and your privacy as much as you do. That reality is exactly why central bank digital currencies are dead in the water already.They say if you can’t beat them, join them. That’s exactly what CBDCs are attempting to do. They want to join the party that is cryptocurrency without actually giving their citizens the privacy and democratic freedom a truly decentralized digital currency provides.In a recent....
China recently proposed a set of global guidelines on central bank digital currencies (CBDC) earlier this Thursday, discussing potential uses and implications of a sovereign digital currency. With the coronavirus pandemic exposing inefficiencies in traditional payment systems, there has been a growing need to digitize legacy financial infrastructure. With the threat of cryptos toppling fiat’s power also looming closer, central banks around the world have begun to develop their own CBDCs. Mu Changchun, the director-general […]
Central bank digital currencies can have broad implications for the global balance of power, experts say.
Speaking at the Bitcoin Finance 2014 Conference and Expo in Dublin today, Gareth Murphy, director of markets for the Central Bank of Ireland, made history becoming the first government-backed bank representative to speak at a digital currency conference. Despite his presence amongst many of the technology's most avid supporters, Murphy used his address to both foretell of the innovation bitcoin could bring to global finance, while warning that the bitcoin community, too, needs to be cognizant of the added pressures their advancement may bring to global economies. Addressing the crowd,....
The G7 finance ministers and central bank governors have met and agreed to work towards common principles for state-backed digital currencies and publish their conclusions this year. They said these digital currencies “could act as both a liquid, safe settlement asset and as an anchor for the payments system.” G7 Setting Common Rules for Central Bank Digital Currencies The G7 finance ministers met in London on June 4-5, the first face-to-face meeting of finance chiefs since the G20 finance leaders met in Saudi Arabia in February last year. The meeting followed the one held....