Tuesday, 03 August 2021

Central Bank Digital Currency: The birth of a fintech arms race?

by Harry Baldock, Total Telecom
Tuesday 13 October 20

On Friday, a working group set up by seven central banks and the Bank for International Settlements (BIS) has developed some fundamental ground rules for issuing digital currency

We have heard it time and time again during the pandemic: digitalisation is accelerating. But while this change has been dramatic in a whole variety of industry sectors, in the financial sector the change could in fact be as profound as changing the form of currency itself: so-called Central Bank Digital Currency (CBDC).   CBDC is a digital, electronic form of central bank money; effectively, a digital form of cash.   There are maybe two starting points for this transformation. The first is the emergence of cryptocurrency. We have all heard of Bitcoin,perhaps the most well-known digital currency, but there are rafts of alternative cryptocurrencies available online…

We have heard it time and time again during the pandemic: digitalisation is accelerating. But while this change has been dramatic in a whole variety of industry sectors, in the financial sector the change could in fact be as profound as changing the form of currency itself: so-called Central Bank Digital Currency (CBDC).   CBDC is a digital, electronic form of central bank money; effectively, a digital form of cash.   There are maybe two starting points for this transformation. The first is the emergence of cryptocurrency. We have all heard of Bitcoin,perhaps the most well-known digital currency, but there are rafts of alternative cryptocurrencies available online…

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