World Economic Forum Publishes CBDC Framework

World Economic Forum Publishes CBDC Framework
29.01.2020 07:18 am

World Economic Forum Publishes CBDC Framework

Cryptocurrencies

The World Economic Forum (WEF) has put together a policy-maker toolkit designed to help central banks investigating the creation of digital currencies.

Last week, a Bank for International Settlements survey found that 80% of central banks are engaged in some form of CBDC work, with 10% expecting to issue their own within three years.

To help central banks navigating the complexities of the issue, the WEF's toolkit aims to act as a decision guide that provides "comprehensive and risk-aware" information, running through costs and benefits.

The toolkit covers retail, wholesale, cross-border CBDC and alternatives in private money such as "hybrid CBDC".

Says the document: "As policy‑makers navigate this process, they should consider how CBDC may introduce new capabilities that support regulatory goals while also introducing new risks or compliance vulnerabilities.

"CBDC could potentially be used as a tool to achieve policy objectives such as improved safety and resilience in payments systems; increased efficiency, access and competitiveness of payments systems; better data transmission and reporting to central banks; and financial inclusion.

"The achievement of these goals with CBDC must be evaluated in the full context of the associated trade‑offs and risks that CBDC may entail."

Related News

bitFlyer Europe Launches PayPal Integration

Leading cryptocurrency exchange ... Read more »

"Facebook and Twitter need to do more to prevent cryptocurrency scams", says CoinCorner CEO

Online scams are a huge problem in many industries and the emerging Bitcoin space is no exception.

Read more »

AlgoTrader and Blockfills Partner to Deepen Crypto and Digital Asset Liquidity

AlgoTrader partners with Blockfills to provide financial institutions with a secure gateway to the deepest crypto and digital asset liquidity... Read more »

Electroneum to Apply to Binance Once Again

Electroneum is thrilled to announced that they have decided to apply a third time to Binance in response to a tweet by the crypto exchanges' CEO Changpeng Zhao... Read more »

Gold-i and Zero Hash Partner to Provide Centrally Settled Crypto Offering to Institutional Clients

Innovative FinTech provider, Gold-i and digital asset settlement firm, Zero Hash have launched a partnership to provide Prime of... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel