BIS: Time to “Roll Up” for Digital Central Bank Coins

Benoît Cœuré, Director of the Innovation Center at the Bank for International Settlements (BIS), said central banks should roll up their sleeves and step up their digital central bank money (CBDC) work.

Benoît Cœuré, speaking at the Eurofi Financial Forum on 10 September, “Stablecoins seeking legal authorization have arrived at our door. Decentralized finance platforms have begun to challenge traditional financial intermediation.” said.

“Right now, the (today’s) financial system is slipping under our feet.” said Cœuré, referring to the digital currency efforts of central banks. “urgently” He said he had to start.

Central banks around the world more than 80% While doing research on digital currencies, almost half made the transition to the concept study and pilot test phase.

Coure: “Be sure; Global stablecoins, DeFi platforms and big tech firms will challenge the models of today’s banks. […] The time has come for central banks to act. Generating CBDCs years stablecoins and crypto assets, they are already in use.”

Some key features of digital central bank currencies; ease of use, low cost, convertibility to other currencies, instant settlement, uninterrupted accessibility, flexibility and reliability can be sorted.

A central bank developing its own digital currency public policies, uses of CBDC and technological dimension the name that says he should watch, “The ultimate goal of a CBDC is, on the one hand, that today’s systems the best of you while preserving innovations of the future is to open up a safe space in which to take place.” said.

BIS Innovation Center, in cooperation with central banks, is currently conducting six different concept studies on CBDC.

The Central Bank of the Republic of Turkey has also completed the concept study for the digital lira and announced that it will continue its pilot studies.

Image: Bank for International Settlements building (BIS, image modified by Koin Bulletin)