Experts: Central banks have not yet decided whether to issue digital currencies through distributed ledger technology

At the MIT Symposium, three experts took the stage: Bob Bench, head of applied financial technology research at the Federal Reserve Bank of Boston, Sonja Davidovic, economist and digital expert at the International Monetary Fund (IMF), and research scientist at the MIT Digital Currency Program Robleh Ali. Everyone agrees that central banks have not yet decided to issue digital currencies through distributed ledger technology (DLT) or centralized systems. Participating experts believed that although cryptocurrencies provided more effective financial models, they had some weaknesses in privacy, interoperability, and the ability to consistently transfer value, or at least brought uncertainty. At the same time, they believe that the introduction of central bank digital currencies is a necessary improvement to the existing global financial system because they promote financial inclusion, reduce cash processing costs, and help mitigate risks during a crisis.