{"id":12026,"date":"2021-09-12T16:54:10","date_gmt":"2021-09-12T16:54:10","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/bis-asks-central-banks-to-urgently-develop-cbdcs-to-compete-with-crypto-assets\/"},"modified":"2021-09-12T16:54:10","modified_gmt":"2021-09-12T16:54:10","slug":"bis-asks-central-banks-to-urgently-develop-cbdcs-to-compete-with-crypto-assets","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bis-asks-central-banks-to-urgently-develop-cbdcs-to-compete-with-crypto-assets\/","title":{"rendered":"BIS Asks Central Banks to Urgently Develop CBDCs to Compete With Crypto Assets"},"content":{"rendered":"

The head of the Bank of International Settlements (BIS) Innovation Hub, Beno\u00eet C\u0153ur\u00e9, has urged central banks to act now on central bank digital currencies (CBDCs) to compete with initiatives in the private sector, including cryptocurrencies. \u201cCBDCs will take years to be rolled out, while \u2026 crypto assets are already here,\u201d he said.<\/strong><\/p>\n

BIS Says Central Banks Need to Hurry up With CBDCs<\/h2>\n

Beno\u00eet C\u0153ur\u00e9, head of the BIS Innovation Hub, talked about central bank digital currencies (CBDCs) at the Eurofi Financial Forum, Ljubljana, Friday. He called on central banks to urgently develop CBDCs to compete with payment initiatives in the private sector, including cryptocurrencies.<\/p>\n

\u201cToday, the financial system is shifting under our feet,\u201d he explained. \u201cBig techs are expanding their footprint in retail payments. Stablecoins are knocking on the door, seeking regulatory approval. Decentralized finance (defi) platforms are challenging traditional financial intermediation. They all come with different regulatory questions, which need fast and consistent answers.\u201d<\/p>\n

Asserting that \u201cCBDC will be part of the answer,\u201d he explained: \u201cA well-designed CBDC will be a safe and neutral means of payment and settlement asset, serving as a common interoperable platform around which the new payment ecosystem can organize.\u201d<\/p>\n

The BIS official added: \u201cIt will enable an open finance architecture that is integrated while welcoming competition and innovation. And it will preserve democratic control of the currency.\u201d He opined:<\/p>\n

The time has passed for central banks to get going. We should roll up our sleeves and accelerate our work on the nitty-gritty of CBDC design. CBDCs will take years to be rolled out, while stablecoins and cryptoassets are already here. This makes it even more urgent to start.<\/p>\n

C\u0153ur\u00e9 explained that the BIS Innovation Hub is helping central banks develop CBDCs. \u201cWe already have six CBDC-related proofs of concept and prototypes being developed in our centres, and more to come,\u201d he revealed.<\/p>\n

<\/p>\n

C\u0153ur\u00e9 added: \u201cA CBDC\u2019s goal is ultimately to preserve the best elements of our current systems while still allowing a safe space for tomorrow\u2019s innovation. To do so, central banks have to act while the current system is still in place \u2013 and to act now.\u201d<\/p>\n

According to the Atlantic Council\u2019s CBDC tracker, 81 central banks<\/a> are currently exploring their own digital currencies. Among them, five have launched, 14 are being piloted, 16 are under development, and 32 are being researched.<\/p>\n

Among the central banks currently studying CBDCs is the European Central Bank (ECB), which recently announced<\/a> the official launch of a two-year investigation of a digital euro. \u201cOnce the investigation phase has ended, we will decide whether or not to start developing a digital euro,\u201d the bank said.<\/p>\n

What do you think about the BIS asking central banks to speed up CBDC development? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, bank of international settlement, BIS, CBDC, cbdc development, cbdc launch, Central Bank, central bank digital currency, digital euro, ECB<\/p>\n","protected":false},"excerpt":{"rendered":"

The head of the Bank of International Settlements (BIS) Innovation Hub, Beno\u00eet C\u0153ur\u00e9, has urged central banks to act now on central bank digital currencies (CBDCs) to compete with initiatives in the private sector, including cryptocurrencies. \u201cCBDCs will take years to be rolled out, while \u2026 crypto assets are already here,\u201d he said. BIS Says…<\/p>\n","protected":false},"author":0,"featured_media":12027,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12026","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12026"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12026"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12026\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12027"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}