‘quick Action Or Miss The Boat Of Digital Payment’, Bis’s Statement With Central Banks

Large central banks should promote digital money projects from now on to avoid lagging compared to the equivalent private sector payment initiatives began, an official of the National Payment Bank (BIS) said on Friday (September 10). The tower of the head office of the International Payment Bank (BIS) was seen in Basel, Switzerland on January 30, 2020. (Photo: Reuters) Specifically, companies turn to digital payment, including Facebook with its mobile stablecoin, have accelerated since pandemic, as well as non-contact card transactions and central banks are Leaving behind Big Tech at a time when people even raised a question about the future of cash in some countries .Benoit Caeure, a former European Central Bank official, who is currently the middle BIS Innovation Center, said: "Over time for central banks to begin to change." We should roll their sleeves and speed up their work on CBDC design (money carefully T number)

. " Caeure said in a conference. Not like a stablecoin - priced tied to a large electronic currency that is not controlled, fiat money or property like exchange goods - CBDC is a digital version of Banknotes and coins are available. Current central banks in Europe, England, the United States have been considering the establishment of CBDCs, although only the Chinese People's Bank has taken specific steps by The way to test the test
Coure said the European Union was only placed to face the future in that field by building on open payment systems, quickly and based on strong guarantees provided. issued by its data protection rules. In July, in a report by the European Central Bank showed the design and ability to launch a digital version of the euro, one attended The judgment that Caeure said it could take 5 years. "CBDC's final goal is to preserve the best elements of our current system while v Create a safe space for tomorrow's innovation. "To do so, the central banks have to act while the current system is still active - and must act now." (Reuters)

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