What China’s New Digital Currency Tells Us About a Cashless Future | WSJ

Bank for International Settlements to start testing CBDC at the end of 2020
CONTENT

  • International organizations are accelerating with the development of digital currencies

  • Creating an international virtual currency will require an improved blockchain

  • Central banks around the world are still wondering which version of CBDC is best to implement

The Bank for International Settlements will start ...

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The International Financial Organization will begin testing the functionality of the digital currency of central banks at the end of 2020

The Bank for International Settlements (BIS) plans to begin testing the concept of a digital currency of central banks (CBDC) Paper bills and coins may be a thing of the past due to a new financial instrument – digital currency of central banks (CBDC) .As … More) as early as late 2020 … This was stated by the head of the innovation center at BIS Benoit Kere, writes The Paper. Kere also noted the need for further work on improving the blockchain system in the event of the release of CBDC.

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The Bank for International Settlements will start ...

The former board member of the European Central Bank believes that in the future, BIS will be able to establish international use of digital currencies with a number of central banks, including the Hong Kong Monetary Authority and the Bank of Thailand. So far, the center under the leadership of Kere is collaborating with Singapore, Switzerland, Hong Kong, but soon plans to expand the list with Frankfurt, Paris, London, Stockholm and Toronto..

Selective approach

At the end of August, BIS published a report on how the direction of digital currencies of central banks is developing on a global scale. According to the report, most central banks are considering creating ‘hybrid’ schemes, where CBDCs are regulated directly by the central bank and client activity is limited to the private sector..

Countries around the world have significantly increased their resources to develop their own digital currencies. Russia was no exception in this regard, as it can begin pilot testing of the digital ruble at the end of 2021. Nevertheless, there are still more questions than answers in the domestic crypto community..

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Yuri Pripachkin, President of the Russian Association of Cryptocurrencies and Blockchain (RACIB), said earlier that the issue of the digital ruble is a “meaningless action.” The head of the Association emphasized that the introduction of a digital currency will require the implementation of the entire ecosystem, including support for the conversion of the digital ruble into cryptocurrencies and interaction with other digital currencies..

What is CBDC, and also what are the prospects for such a currency – read in a special material of the BeInCrypto editorial staff.

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