Banks will be required to work with crypto, e-money and CBDCs to survive

Banks will be required to work with crypto, e-money and CBDCs to survive

The global monetary landscape will have everyone storing electronic money, cryptocurrencies and central bank digital currencies in one bank. Image a scenario where you need different messengers to send different types of messages — for example, WhatsApp for text messages, Viber for audio, Telegram for video, etc. Rather inconvenient, right? But this is exactly what happens in finance: There is no way to send both digital fiat money and cryptocurrency from a bank account without extra steps. It’s not affecting the masses just yet, but after the issuing of national digital currencies, or....


Related News

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 (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,....

A nightmare on Stable Street: Centralized stablecoins may be doomed

Central banks are paying very close attention to stablecoins, seeking to control them — and decentralization may be the solution. Over the last couple of years, we have seen a lot of interest from central banks and governments in the stablecoin market. The reason behind it lies in the development of central bank digital currencies, or CBDCs.The idea of issuing a digital alternative to cash is a great motivator for central banks. It allows them to gain more control over the transition and processing of cashless transactions, which are currently overseen indirectly through private payment....

CBDCs: An Idea Whose Time Has Come?

Almost 50 monetary authorities and central banks are researching and developing wholesale or retail CBDCs. What does 2021 hold in store?

Faith still strong after Mt. Gox

Despite losing a considerable amount of money on the Mt. Gox exchange, Australian Bitcoin Association Vice President Pantelis Roussakis is convinced that crypto-currencies are the way of the future. “What I realized after Mt. Gox is that Bitcoin is about more than the money,” he said in an interview with the Coin Telegraph. “It is a protocol to apply to human society – it’s clean, it’s self regulating.” Roussakis, who delivered a TED Talk in late 2013 on the future of money, sees crypto-currencies as a way of adding value to personal interactions and volunteer labor. “There are real world....

NYU Professor Predicts CBDCs Are Imminent, Bitcoin Still Unviable

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 […]