Central bank digital currencies poised to be the foundation of the financial system, BIS says — via financialpost Finance Cryptocurrency
Project Jasper in 2016
“We’re pretty confident that these things will work,” Shin said. Still, policy differences, “will need to be addressed before anything like this is launched in real life and this is where I think it’s very important to have a forum where the policy choices are discussed and agreed,” he said. Shin recommended that only a minimal amount of information should be accessible to financial authorities when debit and credit transactions are being made. “It’s a little bit double-edged: how can you be fully sure that this data won’t be abused?” he said. “So, there’s always going to be that doubt there are inevitably going to be policy trade-offs here.”Article content
One argument is that if CBDCs are widely used, commercial banks could find themselves shoved aside, as consumers and businesses conduct transactions over the networks that support CBDCs.
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