Posted by on September 10, 2021 1:02 pm
Categories: News

Act Fast or Miss the Digital Payments Boat, BIS Tells Central Banks

LONDON—Major central banks should press ahead now with digital currency projects to avoid falling behind comparable private sector payment initiatives that are already taking root, a Bank for International Settlements official said on Friday. Corporate moves into digital payments, including Facebook with its diem stablecoin, have accelerated since the pandemic, as have contactless card transactions, and central banks are falling behind Big Tech at a time when questions are even being asked about the future of cash in some countries. “The time has passed for central banks to get going,” said Benoit Coeure, a former European Central Bank official who now heads the BIS Innovation Hub. “We should roll up our sleeves and accelerate our work on the nitty-gritty of CBDC (digital currency) design. CBDCs will take years to be rolled out, while stablecoins and cryptoassets are already here. This makes it even more urgent to start,” Coeure told a …

Originally appeared on The Epoch Times

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