New set of reports explores how CBDCs could best meet users’ future needs through developing interoperable systems that support private innovation while preserving public trust
For central bank digital currencies (CBDC) to work effectively, public and private institutions need to cooperate to ensure integration with existing payments systems; to anticipate customers’ future needs; and to support innovation while preserving public trust, privacy and stability in the broader financial system.
“Central banks have a responsibility to ensure that citizens have access to the safest form of money – central bank money – in the digital age. These reports are evidence that policy makers are enhancing their domestic projects with international cooperation, sharing ideas on the best technological innovations to provide fast, easy and secure means of payment in the 21st century.“
–Christine Lagarde, ECB president and chair of the group of central bank governors responsible for the reports
These are the main conclusions of a new set of reports issued by seven central banks and the Bank for International Settlements (BIS) that looked into users’ needs, technological design options and financial stability implications of retail or “general purpose” CBDCs.
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