Cryptocurrency
Central Banks Want Digital Currencies That Don’t Nudge Out Cash
Central Banks Want Digital Currencies That Don’t Nudge Out Cash: As reported on Bloomberg, “Central banks have identified key criteria for issuing their own digital currencies in a report from the Bank of International Settlements. Digital money will have to co-exist with cash and other forms of tender, do no harm to monetary and financial […]
Central Banks Want Digital Currencies That Don’t Nudge Out Cash:
As reported on Bloomberg, “Central banks have identified key criteria for issuing their own digital currencies in a report from the Bank of International Settlements.
Digital money will have to co-exist with cash and other forms of tender, do no harm to monetary and financial stability, and be very cheap or free to use. There should also be ‘an appropriate role for the private sector,’ according to a report by the BIS, the European Central Bank, the Federal Reserve and other institutions published on Friday.
The paper, which provides ‘a springboard for further development,’ comes less than a week after the ECB announced it would start public consultation and experimentation on digital currencies, a major step toward possibly creating a digital euro.
Just a few years ago, crypto-assets based on similar technology elicited condemnation from policy makers, with Coeure terming Bitcoin ‘the evil spawn of the financial crisis.’