{"id":105642,"date":"2021-01-27T21:53:22","date_gmt":"2021-01-27T21:53:22","guid":{"rendered":"https:\/\/fin2me.com\/?p=105642"},"modified":"2021-01-27T21:53:22","modified_gmt":"2021-01-27T21:53:22","slug":"central-bank-digital-cash-could-come-to-20-of-the-world-in-three-years-bis","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/central-bank-digital-cash-could-come-to-20-of-the-world-in-three-years-bis\/","title":{"rendered":"Central bank digital cash could come to 20% of the world in three years – BIS"},"content":{"rendered":"

LONDON (Reuters) – Central banks representing one-fifth of the world\u2019s population are likely to issue their own digital currencies in the next three years, a survey by central bank umbrella group the Bank for International Settlements shows.<\/p>

FILE PHOTO: The Chinese national flag flies at half-mast at the headquarters of the People’s Bank of China, the central bank (PBOC), as China holds a national mourning for those who died of the coronavirus disease (COVID-19), on the Qingming tomb-sweeping festival in Beijing, China April 4, 2020. REUTERS\/Carlos Garcia Rawlins<\/figcaption>

The push comes as physical cash use falls globally and authorities look to fend off the threat to their money-printing powers from bitcoin and efforts linked to Big Tech such as the Facebook-backed Diem, formerly Libra.<\/p>\n

At the same time, central banks who have taken interest rates negative are looking at whether digital cash could be used to help implement the radical policy.<\/p>\n

Wednesday\u2019s BIS survey of 65 central banks showed 86% were exploring the benefits and drawbacks of digital currencies, with some testing possible designs.<\/p>\n

Emerging and developing economy central banks are more likely than those in major economies to issue central bank digital currencies (CBDCs), the survey showed.<\/p>\n

The Bahamas became the first country to launch a general purpose CBDC, known as the Sand Dollar, in October.<\/p>\n

A number of bigger countries have also been testing the waters, with China the most advanced.<\/p>\n

A fifth of central banks from major economies that responded to the survey said issuing digital currencies was \u201cpossible\u201d in the short or medium term, up from only one last year.<\/p>\n

(Graphic: Increasing numbers of central banks looking at issuing digital currencies: )<\/p>\n

The People\u2019s Bank of China expanded a trial of a digital renminbi to its three largest urban regions, which together contain 400 million people, in August..<\/p>\n

ECB President Christine Lagarde said last week her bank was pushing on with its work on a digital euro, Sweden\u2019s E-Krona is progressing and U.S. Federal Reserve chief Jerome Powell has said it is carrying out experiments for a digital dollar.<\/p>\n

But there are still hurdles to overcome.<\/p>\n

The BIS survey showed over a quarter of central banks do not currently have the authority to issue a CBDC and about 48% remain unsure. Around 60% see themselves as unlikely to issue any type of digital currency in the short or medium-term.<\/p>\n

As a whole, though, \u201ccentral banks are moving into more advanced stages of CBDC engagement, progressing from conceptual research to practical experimentation,\u201d the survey said.<\/p>\n

(Graphic: Central bank digital currencies across the world Central bank digital currencies across the world: )<\/p>\n

(Graphic: Reasons why central banks are looking at digital currencies: )<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – Central banks representing one-fifth of the world\u2019s population are likely to issue their own digital currencies in the next three years, a […]<\/p>\n","protected":false},"author":3,"featured_media":105641,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nCentral bank digital cash could come to 20% of the world in three years - BIS - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/central-bank-digital-cash-could-come-to-20-of-the-world-in-three-years-bis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central bank digital cash could come to 20% of the world in three years - BIS - Fin2me\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – Central banks representing one-fifth of the world\u2019s population are likely to issue their own digital currencies in the next three years, a [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/central-bank-digital-cash-could-come-to-20-of-the-world-in-three-years-bis\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-27T21:53:22+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/01\/cnewsfotor16-1.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/central-bank-digital-cash-could-come-to-20-of-the-world-in-three-years-bis\/\",\"url\":\"https:\/\/fin2me.com\/markets\/central-bank-digital-cash-could-come-to-20-of-the-world-in-three-years-bis\/\",\"name\":\"Central bank digital cash could come to 20% of the world in three years - 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