BIS releases study of CBDCs and their role in financial inclusion of the unba...
The researchers from BIS and the World Bank identify common factors across nine central banks that face a variety of different challenges. The Bank for International Settlements, or BIS, released a paper Tuesday on central bank digital currencies, or CBDCs, and how they can be used to meet policy goals for financial inclusion. The paper drew on interviews conducted in the second half of last year at nine central banks that are currently exploring retail CBDCs. It looked at common goals across a range of economic development levels and challenges to inclusion.The paper identified two....
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Kwame Oppong, an executive at Ghana’s central bank, told Cointelegraph that a CBDC could give their citizens the opportunity to use a "decent form of payment." As more countries make progress in terms of developing and implementing central bank digital currencies (CBDCs), Ghana’s central bank aims to keep up and complete its research on CBDCs with the goal of financial inclusion, according to Kwame Oppong, the head of fintech and innovation at the Bank of Ghana.In an interview with Cointelegraph’s Elisha Owusu Akyaw at the Africa Money & DeFi Summit, Oppong laid out the reason behind the....
Access to CBDCs reduces banks’ need to insure against liquidity risks and gives policymakers greater information about trouble in the financial system, according to the study. The introduction of a central bank digital currency (CBDC) may increase the stability of a banking system, according to a paper released Tuesday by the United States Treasury Office of Financial Research. This finding counters concerns that a CBDC may encourage runs on weaker banks. According to the July 12 paper, researchers often claim that the public may in times of financial stress “pull funds out of banks and....
Queen Maxima of the Netherlands has outlined multiple benefits central bank digital currencies (CBDCs) could bring, particularly in the area of financial inclusion. “Governments could use a digital euro to channel financial support to low-income households. This would deepen longer-term inclusion, and act as a gateway to other financial services,” she said. Queen Maxima Envisions a Better Future With CBDCs Queen Maxima of the Netherlands talked about central bank digital currencies (CBDCs) Monday at the “Towards a legislative framework enabling a digital euro for citizens....
The former Federal Reserve official once again expressed his opposition to a United States central bank digital currency in a Tuesday podcast. Former United States Federal Reserve vice-chair for supervision Randal Quarles discussed central bank digital currencies (CBDC) and the chances of the U.S. adopting such technology in an interview on the "Banking With Interest" podcast Tuesday. Quarles, who is known for his opposition to a CBDC, expressed his skepticism about the so-called digital dollar and predicted the U.S. will not introduce it.Quarles, who served at the Fed from 2017 to 2021,....
"This does not mean the SNB is not interested in CBDC, but our focus is to look at the role that wholesale CBDCs could play," said Andréa Maechler. Andréa Maechler, a member of the governing board for the Swiss National Bank, or SNB, has reportedly altered her position on the central bank issuing a digital franc. According to a Tuesday report from Reuters journalist John Revill, Maechler said officials at the country’s central bank “believe the risks outweigh the benefits” when it comes to CBDCs. The governing board member said having the general public use a digital franc in day-to-day....