Central bank digital currencies releasing needs “Careful Consideration”. As informed in the report considers a wholesale CBDC (for Utilize in financial markets), and a general purpose CBDC (for Utilize with the general public) and their implications for payments, monetary policy and financial stability.
‘Careful consideration’ needed before releasing central bank digital currencies: Report
Although a CBDC would not alter the basic mechanics of monetary policy implementation, its transmission can be affected.
A general purpose CBDC can have wide-ranging implications for banks and the financial system.
Commercial banks’ reliance on customer deposits may become less stable. As deposits can further easy take flight to the central bank in times of stress.
The report concludes which each jurisdiction considering the launch of a CBDC ought carefully and thoroughly consider the implications before making any decision.
China not in hurry to develop digital currency: central bank governor
According to China not in hurry to develop digital currency: central bank governorChina is in no hurry in developing a digital currency, Zhou Xiaochuan, the country’s central bank governor, says here Friday.
The development of a digital currency ought be a prudent go ahead and avoid excessive speculation, Zhou says at a press conference on the sidelines of the annual session of the National People’s Congress.
He added which the financial sector ought focus on serving the real economy.
collected by :John Locas