China will promote central bank digital currency research and development, and countries are ready to go?

China will promote central bank digital currency research and development, and countries are ready to go?

Among them, the more positive ones are Uruguay, Ecuador and other countries, which have already piloted CBDC on a limited scale. Many countries, including China, Sweden, and the Bahamas, are actively exploring and experimenting. The governor of the Bank of Thailand also said that Thailand is experimenting with the central bank's digital currency to improve the efficiency of liquidation between banks.

Also. Some central banks support private sector legal digital currencies (DFCs) under the regulatory sandbox regime, such as Barbados and the Philippines.

Although many countries have a positive attitude toward the issuance of central bank digital currency, many countries still have a negative attitude towards the central bank's digital currency.

The Bank of Korea’s report clearly stated that there is no need to issue CBDC at this stage. Once issued, it will not only affect central bank services such as monetary policy, but also affect the entire financial market.

The German central bank, for the same concern, temporarily disregarded the issuance of central bank digital currency. It warned that the use of central bank digital currency would have serious consequences and could undermine the stability of the financial system.

The European Central Bank said that the euro system does not currently have a convincing motivation to issue CBDC.

Different central banks have different views on CBDC. Some developed countries hope to seek alternatives to cash in the case of a decline in cash usage frequency through CBDC. For emerging economies such as developing countries, the main purpose of CBDC is to reduce bank costs while improving efficiency.

Those countries that are unwilling to implement CBDC believe that under the existing financial system, once CBDC is issued, it will undermine the current financial system and affect the stability of the financial system.

Nonetheless, after Facebook’s cryptocurrency Libra, many central banks have significantly accelerated the pace of research on CBDC. As the International Monetary Fund (IMF) said, central banks may issue central bank digital currencies in the future. (Coin World)

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Bitcoin broke through $11,000 again, and the three major media outlets such as Bloomberg

According to media data, the highest value cryptocurrency bitcoin broke through $11,000 on June 24th, Beijing time, a...

Blockchain

Quote analysis: Changyin has emerged, short power is beyond imagination

People like to look for reasons after the fall. In fact, there is no obvious negative in the market. It is just that ...

Blockchain

Are Bitcoin's soaring and plunging all "giant whale" control disks? Data revealed on the chain

Author: Odaily Planet & Chain.info Produced by: Odaily Planet Daily In May of this year, Bitcoin is about to ushe...

Blockchain

Twitter CEO's application for establishment of Square financial services company approved, Square allowing BTC payments will be able to provide commercial loans

According to a Bitcoinist report on March 19, the Federal Deposit Insurance Corporation (FDIC) has approved Bitcoin a...

Blockchain

Can BTC be independent?

As mentioned above, the Ethereum empire is gradually declining, so the currency circle ultimately believes that BTC c...

Blockchain

Free and Easy Weekly Review | How Selfish Mining Strategies Affect Every Half Coin

Write in front: With the advent of the new cycle of cryptocurrencies, miners have ushered in the spring, and what is ...