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During the second presidential debate in 1992, candidate Ross Perot warned of a “giant sucking sound” of jobs leaving the United States for Mexico if the North American Free Trade Agreement (NAFTA) was to enter into force. This past year, you may have heard a giant decoupling sound as the
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It is hard to imagine that just two years ago, the general discourse around central bank digital currencies, or CBDCs, was mainly focused on the potential and possibility of issuing them. Even in 2019, the question was about whether we need state-owned cryptocurrencies, with only 70% of central banks worldwide
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Citigroup Inc (NYSE: C) CEO Michael Corbat recently revealed that the bank has been partnering with central banks globally to build Central Bank Digital Currencies.While CBDCs have gained wild popularity in the past two years, Citigroup CEO predicted their rise during Bitcoin’s 2017 epic surge. At the time, he observed
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It has become clear by now that central bank digital currencies, or CBDCs, will be in our future and the technology will fundamentally change the use of money and the economic system as a whole.The world’s biggest economies and their central banks have announced they are working on CBDCs: the
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In a wide-ranging speech, Xi said that the G20 group “needs to discuss developing standards and principles for central bank digital currencies.” Source
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Central bank digital currencies (CBDCs) can have broad implications for the global balance of power in both finance and politics, but the optimal scenarios for adoption have yet to be found. These are some of the ideas voiced by the panelists discussing China’s digital yuan project on Wednesday. The panel was
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Libra was the final wake-up call for central banks that prompted serious consideration of digital currency issuances, according to Benoit Coeure, head of the Innovation Hub at the Bank for International Settlements (BIS).In an interview with French newspaper L’Express published on the BIS website Friday, Coeure acknowledged central banks had
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Central banks meeting in Russia said the coronavirus pandemic is a driving force behind growing interest in national digital currencies. Source
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A reading of two recent op-eds on central bank digital currencies (CBDCs). Source
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This week, as world leaders gather virtually for DC Fintech Week in Washington, D.C., a key focus will be on central banks issuing their own digital currencies (CBDC). A pivotal player here is the United States, which faces an increasingly urgent decision: whether to take serious steps towards issuing a
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