WEF 2022: Bankers at WEF see the need for caution and speed on central bank d...
Experts point out sticking points as well as greatest needs in the creation of central bank digital currencies for domestic and cross-border, wholesale and retail, uses. The process of introducing a central bank digital currency (CBDC) is fraught with unknowns, some of which were elucidated in a panel of experts gathered Monday at the World Economic Forum in Davos, Switzerland. The panel concluded that good design is key to a successful CBDC, and there are fewer challenges for wholesale CBDC introduction.Bank of Thailand governor Sethaput Suthiwartnarueput said that although many central....
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Two central bank governors have shared their opinions about bitcoin after the cryptocurrency became legal tender in El Salvador. The governor of the Bank of Mexico sees bitcoin as a high-risk investment and a poor store of value while the governor of Sweden’s central bank, the Riksbank, believes bitcoin could collapse.
Central Bankers Continue to Warn About Bitcoin
The governors of the Bank of Mexico (Banxico) and Sweden’s central bank, the Riksbank, have shared their views on bitcoin after the cryptocurrency became legal tender in El Salvador.
Bank of....
In the end, this is still positive news coming out of Russia. An official acknowledgment of discussions taking place is better than nothing. A few days ago, news broke of Russia slowly taking a more positive stance toward bitcoin. It even seems bitcoin may gain legal status in the country. However, one of Russia’s central bankers is not convinced the outcome will be so positive. Legal recognition of cryptocurrency is not guaranteed, nor should anyone think otherwise. Cryptocurrency enthusiasts are well aware Russia will not embrace bitcoin all of a sudden. It is good to see the central....
Cryptocurrencies are very unstable for them to become a widely used method of payment, the Nigerian and Kenyan central bankers have reportedly said. In addition, the bankers claim that cryptocurrencies also pose a risk to financial stability. Narrowing the Financial Exclusion Gap The Nigerian and Kenyan central bankers have said cryptocurrencies are too volatile to become an acceptable payment method. The bankers also insisted that cryptocurrencies pose a risk to financial stability, a Reuters report has said. As per the report, the bankers namely, Kingsley Obiora, the deputy governor of....
Forecasting how the global economy will evolve is becoming all but pointless. Anyone can create their own forecast and be right up to a certain extent, but the long-run scenario is impossible to guesstimate right now. Bitcoin users have no love lost for central bankers, and vice versa. Many central banks use rather unconventional monetary policy tools, which is causing friction within the banking sector itself. Something will have to change, as the advantages of Bitcoin and digital currency over central banks become more apparent every day. When people in the Bitcoin world hear the term....
A recent paper by two senior central bankers in Europe suggests that the technology underlying bitcoin could serve as the catalyst for change in the global money and payments infrastructure. Entitled "The Evolution of Central Banks: A Practitioner's Perspective" - and co-written by Bank of England chief economist Andrew G. Haldane and Jan F. Qvigstad, executive director of Norges Bank, Norway's central bank, the paper covers the evolution of central banking and the challenges that have arisen in the era of digitized monies. Perhaps most notably, the authors reject the idea that....